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NV Law Won't Assign Liability.(Brief Article)
A new predatory lending law went into effect in Nevada on Oct. 1, several days after Standard & Poor's said that it will continue to rate structured finance transactions governed by the act.
The law pleased both consumer groups and industry interests even though neither worked closely on its drafting.
"Obviously, if there was a choice between no bill and the bill, many (mortgage lenders) would prefer no bill. But I also think there is a recognition that predatory lending is happening," said Barbara Buckley, the Democratic assembly member who sponsored the bill. She added that passing a law now is a way of "protecting against even more onerous legislation that could follow."
And while the law is lacking some of the more controversial provisions that consumer advocates have pushed for in other states, Larry Spitler, AARP's assistant state director for Nevada, said that his group was behind it.
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