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Nevada lawmakers discuss bill to cap payday loans

Posted at 6:05 AM, Feb 07, 2019
and last updated 2019-02-07 09:05:18-05

CARSON CITY (KTNV) — A proposed state bill that would rein in payday loans has been introduced in Carson City.

It's a move to keep people out of what some say is a "cycle of poverty."

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Some state lawmakers want to cap the interest rate of short term loans at 36%. Some interest rates are currently at 500% or higher.

Similar proposals have been introduced before but ultimately failed.

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