There is no limit on fees in Nevada. The limit they are referring to only applies after default (10% above prime for 90 days-so currently 13.25% APR ). The lender was likely continuing to charge the contract rate after default, which is a violation of state law. For the state to have acted against them as they did, they must have had repeat violations and other violations that are not public. The political argument is probably a smokescreen because the lender was engaged in illegal activity and got what they deserved. The regulators cannot get a C&D order without some evidence of wrongdoing. There are a lot of lenders in NV, so the fact that a couple are in trouble does not suggest that there is any intention of killing the industry here. Rep. Buckley has been a strong advocate of tougher regulations, not prohibition. She may run for governor, but only needs to campaign that she’s ‘not Jim Gibbons’ to win. There are so many more issues in NV that are more important, anyway….like JOBS!!!!
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There is no limit on fees in Nevada. The limit they are referring to only applies after default (10% above prime for 90 days-so currently 13.25% APR ). The lender was likely continuing to charge the contract rate after default, which is a violation of state law. For the state to have acted against them as they did, they must have had repeat violations and other violations that are not public. The political argument is probably a smokescreen because the lender was engaged in illegal activity and got what they deserved. The regulators cannot get a C&D order without some evidence of wrongdoing. There are a lot of lenders in NV, so the fact that a couple are in trouble does not suggest that there is any intention of killing the industry here. Rep. Buckley has been a strong advocate of tougher regulations, not prohibition. She may run for governor, but only needs to campaign that she’s ‘not Jim Gibbons’ to win. There are so many more issues in NV that are more important, anyway….like JOBS!!!!