Assembly Bill 515 would produce a database that is confidential of, high-interest and title loans done in Nevada. The theory would be to produce information, minus the names of men and women loans that are receiving that will better assist the state get a feeling of the industry’s tasks.

CARSON CITY — Nevada officials want an easier way to trace and know the way the pay day loan industry works within the state.

Assembly Bill 515 would produce a private database of payday, high-interest and title loans carried out in Nevada. The theory would be to produce information, minus the names of individuals loans that are receiving that will better assist the state get a feeling of the industry’s tasks.

The balance ended up being heard Monday into the Assembly Government Affairs Committee which took no action on the bill. It really is exempt from due dates and an urgent situation demand through the presenter.

“It’s a great first faltering step,” said Assemblywoman Heidi Swank, D-Las Las Las Vegas, that is sponsoring the balance with Assembly Speaker Jason Frierson, D-Las Vegas.

Swank’s presentation outlined issues using the pay day loan industry, that will be often criticized for high-interest financing techniques that Swank said are “designed to place borrowers for a financial obligation treadmill machine indefinitely.”

Beneath the bill, licensed lenders would enter loan information in to the database.

Swank stressed the balance will not hinder the industry.