Nevada Limits on Payday Loans Initiative (2026)
| Nevada Limits on Payday Loans Initiative | |
|---|---|
 | |
| Election date November 3, 2026 | |
| Topic Banking | |
| Status Not on the ballot | |
| Type State statute | Origin Citizens |
The Nevada Limits on Payday Loans Initiative is not on the ballot in Nevada as an initiated state statute on November 3, 2026.
This amendment would have established a 36% annual cap on interest rates for certain loans, including payday loans. This initiative would have prevented up to $5,000 in a personal bank account from being garnished, an increase from $400, as well as prevented up to $850 of wages in a work week from being garnished, an increase from $369.[1]
Text of measure
Full text
Two versions of the initiative, S-01-2024 and S-03-2024, were filed with the Nevada secretary of state. The text of S-01-2024 is here, and the text of S-03-2024 is here.
Path to the ballot
Process in Nevada
In Nevada, the number of signatures required to qualify an indirect initiated state statute for the ballot is equal to 10 percent of the total votes cast in the most recent general election. Moreover, signature gathering must be distributed equally among each of the state's four congressional districts. The initial filing of an initiated state statute cannot be made before January 1 of the year preceding the next regular legislative session. Signature petitions must be filed with county officials by the second Tuesday in November of an even-numbered year—two years prior to the targeted election date. The final submission of signatures to the secretary of state must be made at least 30 days prior to the start of the next regular legislative session.
The requirements to get an initiated state statute certified for the 2026 ballot:
- Signatures: 102,362 valid signatures were required.
- Deadline: The deadline to submit signatures to county clerks was November 20, 2024.
Signatures are verified by county clerks using a random sampling method if more than 500 signatures were submitted in that county. If enough signatures are submitted and verified, the initiative goes before the legislature. If the legislature approves and the governor signs the measure, there is no election. Otherwise, the initiative goes on the next general election ballot.
Stages of this ballot initiative
- One version of the measure, S-01-2024, was filed with the secretary of state on January 5, 2024, and another version, S-03-2024, was filed on January 24, 2024.
See also
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External links
Footnotes
