CARSON CITY, Nev. - Two bills before the Nevada Legislature would tighten up the rules on payday lending, just as the Trump administration is proposing to loosen them.

The Consumer Financial Protection Bureau recently proposed lifting the requirement that payday lenders verify that borrowers can pay back a loan. State Sen. Yvanna Cancela, D-Las Vegas, just introduced
Dollar Loan Center has distributed a packet to lawmakers that argues that a database would hurt the payday-lending industry, leave borrowers with less choice and be a risk for data breaches.

A second bill, Assembly Bill 118 from Assemblywoman Heidi Swank, D-Las Vegas, would cap interest rates at 36 percent. Now, some payday loans have annual interest rates as high as 652 percent. Attempts at a similar cap have died in past legislative sessions.

The CFPB also has said it will no longer supervise payday lending to military members and only investigate once a complaint has been made. Therefore, Cancela's bill would add protections from the federal Military Lending Act into state law. It caps interest rates at 36 percent for military members and their families.

"The CFPB has recently said, at the federal level, that they will be rolling back enforcement on that law," she said, "and so my bill, it codifies the federal law into state law so that the enforcement of that law can continue at the state level, regardless of what happens at the federal level."

Both bills are pending in committee, awaiting a hearing.

The text of SB 201 is online at leg.state.nv.us.


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Victims of investment-related fraud in North Dakota could soon recoup some of their losses through a proposed restitution fund. A bill to establish that kind of assistance recently cleared the state Senate. The measure, which now moves to the House, would offer payments if efforts to collect restitution, ordered by the state, are unsuccessful.

Victims would need to apply and would be given up to $50,000 or 50% of the lost money, whichever is less.

Karen Tyler, North Dakota Securities Commissioner, said while this only covers scams tied to financial markets, it still could have an impact.

"Financial criminals are very creative in the different ways that they structure their frauds," Tyler said. "And so, certainly, we are seeing romance-type scams that are connected to investment-related conduct as well."

She said romance scams are becoming more prevalent, noting they often target older individuals who lost their spouse and are seeking companionship. After meeting online, the scammer will convince them to open an investment account, with the funds eventually being stolen. The bill has sponsors from both parties and received overwhelming support in the Senate.
AARP North Dakota is among those calling for the bill's final passage.

Janelle Moos, advocacy director for AARP North Dakota, said the group knows the fund will not make victims whole, but insisted it is a step in the right direction in compelling those targeted, especially older adults, to take action.

"Older adults are often targeted because they're seen as having wealth in the form of retirement savings or a pension, steady Social Security checks, and they're at a point in time in their life that they're least able to recover financially," she said.

Moos added scammers also target these individuals because they believe it is easier to establish trust with older people. The plan calls for $1-million to be put into the fund each year. The Securities Department projected it would come from revenue generated by the agency, which is about $23-million for the current biennium.

Tax time is here again. Between now and mid-April, Idahoans in need of assistance can find free help across the state through the AARP Foundation's Tax-Aide program.

There are 26 Tax-Aide 26 sites set up across the state. Tax-Aide State Coordinator for AARP Idaho Karen Cummings said the program is geared toward people with low to moderate incomes, and can help people of any age.

She said some of the folks that come to the program have struggled with their taxes in the past.

"A lot of the folks we see have tried to do the online services, like Turbo Tax, and a lot of them are not successful," said Cummings. "You have to be computer savvy - and then again, it usually costs something."

Cummings said the volunteer tax preparers can assist a wide variety of people, including those doing independent contracting or gig work, and they don't need to be AARP members.

You can find a list of the documents you'd need to bring to a Tax-Aide appointment on the AARP website.

The program is volunteer run and all Tax-Aide preparers are IRS certified to help people with their returns. Cummings said for the volunteers, it's satisfying work.

"It's very rewarding to give back to the community," said Cummings, "to help people out, to know that you can devote some time and resources, and you can help them out. They're very grateful."

She encouraged people to make appointments, because the time slots to meet with a Tax-Aide preparer fill up fast, and some sites are open by appointment only.

In 2022, 25,000 volunteers nationally assisted 1.2 million Americans with their income-tax returns, helping them receive more than a billion dollars in tax refunds.

A new report asks lawmakers and regulators to look at why some unsafe products aren't recalled sooner, and what can be done to get them off the market more quickly to keep people safe.

The report analyzed more than 3,600 complaints filed last year, and 292 recalls by the Consumer Product Safety Commission.

Some 22% involved injuries or death.

Teresa Murray, consumer watchdog with the Arizona Public Interest Research Group Education Fund, said it can sometimes take weeks or months for a recall to be issued. She said it's clear the CPSC has too many legal hoops to jump through before it can make product information public.

"The whole problem here is that the Consumer Product Safety Commission doesn't have the authority to do its job," said Murray, "to protect consumers. It is supposed to protect consumers. It doesn't have the authority to do it in the ways that you and I would think."

She added that 2022 saw the most recalls since 2016, which might be the result of increased enforcement or more consumer complaints.

The report calls for changes to the laws involving product recalls. Murray noted that most of the time, recall notices come from the manufacturers - but that can take time, and the message doesn't always reach the people who need to know.

Murray suggested that if a serious problem has been identified, the CPSC should be able to act rather than negotiate or wait for a company to make a move.

She said most ethical manufacturers are doing a better job of making sure their products are safe, but it's also up to buyers to do their homework before making that final purchase.

"So, people do put a lot of effort into researching, particularly big purchases," said Murray. "They should also check those kinds of products, or something they are considering buying, check with the Consumer Product Safety Commission."

The report has a full list of suggestions. Murray said be especially careful when purchasing items online or from international sellers, as these may not meet U.S. safety standards.

To file a complaint, she recommends 'saferproducts.gov.' And for recall information, visit 'CPSC.gov/recalls.'