Signed by Governor Steve Sisolak

Vote Smart's Synopsis:

A vote to pass a bill that requires the Financial Institutions Division to create a loans database.

Highlights:

• Authorizes the Commissioner of Financial Institutions to contract with a vendor or service provider to develop, implement, and maintain a database by which the Commissioner and licensees may obtain information related to potential customers (Sec. 8).

• Authorizes the Commissioner to obtain the following information on potential customers, including (Sec. 8):

• Whether a customer has a deferred deposit loan, title loan, or high-interest loan outstanding with more than one licensee;

• Whether a customer has had such a loan outstanding with one or more licensees within the 30 days immediately preceding the making of a loan or within 6 months; and

• Any other information necessary to determine whether a licensee has complied with the provisions of this act.

• Specifies that the development and implementation of the database shall include the following information for each such loan made to a customer at the time of the transaction, including (Sec. 8):

• The date the loan was made and the type of loan made;

• The principal amount of the loan and the fees charged for the loan;

• The annual percentage rate of the loan and the total finance charge associated;

• If the customer defaults on the loan, then the date of the default or the date the customer enters into a repayment plan; and

• The date on which the customer repays the loan in full.

• Specifies that a licensee who makes a loan that constitutes a consumer credit to a covered service member or their dependent shall not charge the covered service member or dependent an annual percentage rate with respect to the loan except as agreed to under the terms of the written loan agreement (Sec. 5).

• Defines “Dependent” as the following, including, but not limited to (Sec. 4):

• A parent or parent-in-law of a covered service member who resides in the household; or

• The spouse or child of a covered service member who:

• Is less than 21 years of age;

• Is less than 23 years of age and is enrolled in a full-time course; or

• Is incapable of self-support because of mental or physical incapacity.

• Defines “Covered service member” as a member of the Armed Forces of the United States who is on active duty under a call or order to deploy with a military unit, or is a member of the National guard and Reserve on the active duty orders (Sec. 3).

• Defines “Consumer credit” as a loan made to a natural person to finance the purchase of goods that directly satisfy human wants or defray personal or family expenses not including a residential mortgage or a loan procured in the course of purchasing a car (Sec. 2).

Full Bill Text

Vote Smart's Synopsis:

A vote to pass a bill that requires the Financial Institutions Division to create a loans database.

Highlights:

• Authorizes the Commissioner of Financial Institutions to contract with a vendor or service provider to develop, implement, and maintain a database by which the Commissioner and licensees may obtain information related to potential customers (Sec. 8).

• Authorizes the Commissioner to obtain the following information on potential customers, including (Sec. 8):

• Whether a customer has a deferred deposit loan, title loan, or high-interest loan outstanding with more than one licensee;

• Whether a customer has had such a loan outstanding with one or more licensees within the 30 days immediately preceding the making of a loan or within 6 months; and

• Any other information necessary to determine whether a licensee has complied with the provisions of this act.

• Specifies that the development and implementation of the database shall include the following information for each such loan made to a customer at the time of the transaction, including (Sec. 8):

• The date the loan was made and the type of loan made;

• The principal amount of the loan and the fees charged for the loan;

• The annual percentage rate of the loan and the total finance charge associated;

• If the customer defaults on the loan, then the date of the default or the date the customer enters into a repayment plan; and

• The date on which the customer repays the loan in full.

• Specifies that a licensee who makes a loan that constitutes a consumer credit to a covered service member or their dependent shall not charge the covered service member or dependent an annual percentage rate with respect to the loan except as agreed to under the terms of the written loan agreement (Sec. 5).

• Defines “Dependent” as the following, including, but not limited to (Sec. 4):

• A parent or parent-in-law of a covered service member who resides in the household; or

• The spouse or child of a covered service member who:

• Is less than 21 years of age;

• Is less than 23 years of age and is enrolled in a full-time course; or

• Is incapable of self-support because of mental or physical incapacity.

• Defines “Covered service member” as a member of the Armed Forces of the United States who is on active duty under a call or order to deploy with a military unit, or is a member of the National guard and Reserve on the active duty orders (Sec. 3).

• Defines “Consumer credit” as a loan made to a natural person to finance the purchase of goods that directly satisfy human wants or defray personal or family expenses not including a residential mortgage or a loan procured in the course of purchasing a car (Sec. 2).

Full Bill Text