someone please help me with 2 answers on PDL laws

Here are the Payday loan laws for Nevada (just select your state),


http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

As you can see, Nevada law is not very consumer-friendly when it comes to payday loans! What it breaks down to is that they can charge whatever they want for interest on the loans, and there's no limit to the number of loans you can take out, so you could end up in REAL trouble there.

Someone correct me if I'm wrong on this - but to my knowledge, there are very few states that don't require the lender to be licensed in the state they're lending in. PA is one of them, but I'm not sure about Nevada. I know one of our other members will come along and comment on that to help you out.

I hope that helps. Please keep us posted on your situation - and ask any other questions you may have. We're here to help!

I'm a little bit confused... I went to the State of Nevada website to look directly at the laws. Statute 414 comes up as dealing with military affairs and emergency management. I did find Statute 604A that deals with short-term loan and deferred-deposit aka payday loans : http://www.leg.state.nv.us/NRS/NRS-604A.html

It appears they have to offer a repayment plan for up to 90 days, if the debtor requests within 30 days of a default.

Also, next time a PDL throws around that they only have to follow Nevada law and not the laws of a debtor's state, throw this at them:
[quote]NRS 604A.240 Collection of loans made outside State.
Any loan lawfully made outside this State as permitted by the laws of the state in which the loan was made may be collected or otherwise enforced in this State in accordance with its terms.

(Added to NRS by 2005, 1687)[/quote]

Debtcruncher -

thank you for clarifying the law reference - I pulled that quote directly from paydayloaninfo.org, so they must have the reference number incorrect! :oops: