Nevada l awmakers introduced legislation Wednesday to cap interest for pay day loans at a apr of 36 per cent, an interest rate limit that nationwide advocates contend has all but eliminated exorbitant and abusive lending techniques in lot of other states.

Assemblywomen Heidi Swank and Lesley Cohen will be the main sponsors of Assembly Bill 118, the latest effort to rein into the lending industry.

Yearly portion rates of interest for loans in Nevada are one of the highest that is nation’s and may be up to 600 %. Another half-dozen users associated with Assembly, all Democrats, have actually signed in as co-sponsors.

Swank , who’s got unsuccessfully introduced bills to rein the industry in before, said the proposed rate of interest modification is equivalent to the Military Lending Act, which caps loans for active-duty armed forces.