The cowardice that is magnificent of elected officials
There isn’t any explanation to rehash reasons Nevada needs to do exactly what almost 20 states have inked: limit interest levels payday lenders can charge to be able to run the bad actors out from the state.
Your Nevada Legislature certainly did think there was n’t any have to rehash the problem. To the contrary, Assembly Commerce and work Committee seat Ellen Spiegel as well as other lawmakers suggested precisely zero interest ( instead of the 652 per cent yearly APR charged by Nevada’s payday loan industry) in hashing the matter at all. The common-sense and much-needed measure to cap rates, sponsored by Assemblywomen Heidi Swank and Lesley Cohen and six co-sponsors, was never ever planned for a committee hearing, instead dying a peaceful, ignominious death someplace in a cabinet in Spiegel’s desk.
The practices that effectively trap low-income Nevadans in an endless cycle of economic servitude, the bankruptcy of the argument that there are no alternatives to payday loans … Unlike your layabout Nevada Legislature and governor, the Current has already both hashed and rehashed those and other damning characteristics of an industry Nevada doesn’t need and shouldn’t want so no need to recount the exorbitant interest rates.
But simply a couple of extra points may be so as.
First, wow, the stench. Permitting a notoriously predatory and industry that is pernicious carry on perniciously preying on Nevada’s many economically susceptible individuals is just a monumental act of governmental callousness and cowardice.
