North Las Vegas OKs New Ban On Payday Loan Firms
Las Vegas, Nevada - North Las Vegas enacted a six-month moratorium (temporary ban) on new payday loan companies Wednesday.
Two weeks ago the City Council imposed a two-week ban on processing of payday permits simply by setting the moratorium for a public hearing and vote on Wednesday. The council adopted the moratorium to give city officials time to develop an ordinance.
Staff will consider a range of ideas from limiting the number of licenses allowed per year, restricting the number of licenses by population, holding a lottery for licenses and even an outright ban on new businesses.
They will also review setting standards from their distance to one another and to subdivisions, establishment size and hours of operation.
Until then the city develops an ordinance, this moratorium on instant payday loans will prevent any new payday loan companies from opening up.