An Important Notice for our Valued Nevada Customers

A significant update to Nevada short-term lending laws takes effect on February 1, 2022, regarding limitations on how much Nevada residents may borrow from short-term lenders at one time.

Check City’s mission is to be the premier provider of financial services in Nevada and to exceed our customers’ expectations every day with service standards and values that set us apart.

Our goal during the upcoming transition in Nevada law is to be Nevadans’ #1 choice for any short-term cash needs they have and to make the transition as smooth as possible for any customers who may be impacted.

We appreciate and value our customers’ faith in Check City and strive to communicate these changes as transparently and clearly as possible. We welcome any questions you may have regarding the information below. Please feel free to call any of our Nevada Check City store locations where you can speak with one of our friendly representatives about any questions you might have.  

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What is Changing with Nevada Law?

Beginning February 1, 2022, all licensed short-term lenders in Nevada are required to report information about new loans they issue into a state of Nevada database.  The state of Nevada will use the information in this database to place limitations on how much Nevada residents may borrow across all short-term loan lenders at any given time. This may impact borrowers who transact with more than one short-term loan lender.

What are the Limitations Enforced by the State Database?

The state of Nevada will now limit the total of all monthly payments any one borrower may have due across all short-term loan lenders to 25% of the borrower’s monthly gross income. This means that the total of all short-term loan payments a borrower has due in any given month across all Nevada lenders cannot exceed 25% of their monthly gross income.

What is Gross Monthly Income?

Gross monthly income is a tax term that refers to income before taxes and other deductions have been taken out. This is different from someone's net income or take-home pay, which is income after taxes have been taken out.  

What Types of Loans are Included?

The types of loans included in this new law are deferred deposit cash advances, installment loans, signature loans, and auto title loans.  

Why is This Happening?

In 2019 the Nevada Legislature passed a new law, the 2019 Nevada Legislature – Senate Bill 201. This new law required the creation of a statewide short-term lending database. The law required that ALL licensed short-term lenders report details into the database about every short-term loan issued to Nevada residents. Lenders are required to report extensive details about each new short-term loan issued including:
  • Borrower’s Name
  • Borrower’s SSN
  • Borrower’s Identification Details
  • Loan Amount
  • Loan Interest Rate
  • Due Dates
  • and more

How Does the Database Work?

Before any short-term lender issues a new loan to a borrower, they must first check the Nevada state database to determine if a borrower has any outstanding short-term loans. If the applicant does have outstanding short-term loans, then they must review what that customer's total monthly payments are.  

If the borrower already has short-term loan payments equaling 25% of their monthly gross income, then the lender won't be able to make that customer a new loan.  

If the borrower does not have outstanding short-term loans, or the borrower's current total loan payments have not yet reached 25% of their monthly gross income, then the lender may be able to make a new loan for the borrower. If the lender can make a new loan for the borrower, then the details of the loan are reported into the state's database where they are stored until an update occurs to the loan. For example, if a payment is made or the loan is paid in full.

If I have an outstanding short-term loan already, what happens on February 1st?

There will be no impact on loans issued prior to February 1st. Only loans issued on or after February 1st are impacted by the state of Nevada's new loan database.