Latest news with #NevadaAssembly
Yahoo
14-05-2025
- Business
- Yahoo
Nevada bill would charter new payment banks
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. A bill in the Nevada Assembly would offer a special charter for new payment banks, aiming to allow financial technology companies and others to access federal payment rails and help merchants bypass many of the expenses associated with traditional card payments. The new licensing system would allow retailers, payment processors, remittance companies and others to apply as banks for direct access to U.S. payment systems like ACH, FedWire and FedNow. As a result, Nevada retailers – and potentially consumers – would benefit from lower transaction costs for credit and debit cards, say supporters of the proposal. Card payments carry interchange fees that U.S. merchants have decried for years as both excessive and onerous. The goal would be to eliminate the 'middlemen' that add costs and delays to payment settlements, its sponsor, Assembly Speaker Steve Yeager, a Democrat, said last month at a committee hearing on the bill. The Retail Association of Nevada, which represents about 2,000 mostly small retailers, is lobbying heavily for the proposal in Carson City, said Bryan Wachter, a senior vice president at the retail association. The bill would allow Nevada to become 'the first state in the nation to offer a charter built for the digital economy,' Yeager said. The bill would prohibit the new payment banks from lending and 'lending-related' activities and impose a 0.0025% fee per transaction on merchant-acquiring activity. Merchants have had little choice but to use 'the monopolies' that govern payment rails and the bill is an effort to empower new types of banks to offer lower-cost transactions, said Wachter, who testified with Yeager at the April hearing. Payment banks would not be required to be insured by the Federal Deposit Insurance Corp. Regulators at the Nevada Financial Institutions Division would determine whether companies have sufficient protections on funds to grant a license, Wachter told the committee. Smaller businesses 'have had no choice but to go through layers of intermediaries just to process everyday transactions,' Yeager told his colleagues on the Assembly Committee on Commerce and Labor. The legislation would put Nevada 'at the cutting edge of financial innovation,' and create new financial jobs and a steady revenue stream for the state, he said. Supporters are confident they have sufficient support to pass the bill before Nevada's legislative session ends June 2, Wachter said Wednesday in an interview. If passed, 'I do think that there might be a payments processing company, an internet company, some other companies that exist in this space that comes in and says we can create a better product,' he said. The Nevada Bankers Association was concerned that the new banks could increase state assessments on its banking members to fund new regulators and oversight, Connor Cain, with the NBA's lobbying firm, Carrara Nevada, told lawmakers at the same hearing. The banks are 'encouraged' by dialogue on an amendment to the bill to ensure that current Nevada banks do not bear new financial costs to implement the legislation, Cain said. The Electronic Transactions Association, which counts banks among its members, has not taken a position on the bill, a spokesman said Tuesday. Other states have previously enacted special banking charters, including Connecticut, Georgia and Wyoming, although the Nevada legislation, if it passes, would make the state the first to license and regulate payment banks without the FDIC insurance requirement, Wachter said. In recent years, Connecticut has revived its 1990s-era uninsured bank charter, created to allow companies to offer some financial services without taking deposits, as a way to lure startup fintechs to the state. In March, Stripe applied with Georgia regulators for a merchant acquirer limited purpose banking charter so it could access card networks directly, without a bank partner. Last year, Georgia granted payment processor Fiserv a bank charter. Smaller merchants in Nevada typically pay fees of 2% to 3% per transaction, which cost about 0.25% for traditional acquiring banks to facilitate, Wachter told the committee. The narrower scope of a payment bank – without lending and other full-service bank offerings – would mean lower operating costs for a license holder and less overhead to fund via its charges to merchants, Wachter said. 'Because you aren't having to be a full-fledged, full-service bank, we're hoping that it will actually be cheaper to operate those licenses and that cost savings would then also be passed along to those merchants,' he said at the hearing. At a typical supermarket, banks and card issuers enjoy higher profit margins on a card payment than the grocer selling the shopper a cart full of food, Wachter said, offering legislators an example of how the bill could help retailers and consumers. With new payment tools, many merchants would ultimately be able to avoid including their payment expenses in the price of the goods they sell, Wachter said. The legislation would allow Nevada to emulate payment-processing systems common in Europe, where payment specialists have lowered transaction costs for businesses and consumers, Paul Dwyer, co-founder and CEO of money transmitter Viamericas, told the committee. Routing consumer transactions via full-service banks to access payment rails 'is a fount of inefficiency,' he said. Recommended Reading Swipe fee foes find legislative support in almost a dozen states Sign in to access your portfolio
Yahoo
17-04-2025
- Business
- Yahoo
Property tax funding for 825 Las Vegas police officers on track at Nevada Legislature
LAS VEGAS (KLAS) — Lawmakers in Carson City voted Wednesday to continue the 'More Cops' tax that was put in place 30 years ago. The property tax was about to expire, but state senators voted to continue it until 2057. That has to be approved in the Nevada Assembly now. The 'More Cops' tax funds about a quarter of the officers at the Las Vegas Metropolitan Police Department — 825 police officers. ALSO WEDNESDAY: A proposal to create a business court in Nevada moved forward in the Assembly on a 40-2 vote. Business cases are currently handled by judges who handle criminal and civil cases. This proposal would amend the Nevada Constitution, so it must pass again after this session. The bill's sponsor said cutting the amount of time it takes to get a decision would continue to draw more businesses from places like Delaware, and potentially could mean hundreds of millions of tax dollars for Nevada. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
15-04-2025
- Politics
- Yahoo
‘Reba's law' revived by Nevada Legislature
LAS VEGAS (KLAS) — The Nevada Assembly moved quickly Monday to revive 'Reba's Law,' a bill that missed the Friday deadline to move out of committee. An exemption granted to Assembly Bill 381 keeps the bill alive, and it advanced on a unanimous vote. The bill inspired emotional support when it was first heard on March 19, and when the deadline came and went without passage, the public reacted with surprise. 'I'm very pleased to see that this bill will be moving forward,' Republican Assem. Melissa Hardy, who sponsored the bill, said on Monday. 'As I stated from the beginning, the intent was to seek justice for Reba and to be the voice for the voiceless, those that are harmed, abused and killed that can't speak for themselves.' Reba, an English bulldog that died in July after being left sealed inside a plastic tub in 110-degree heat. She survived, but died days later as a result of heat stroke and shock, according to Vegas Pet Rescue Project. 'Although we can't bring her back, this will hopefully provide accountability and save other animals that won't have to suffer as she did,' Hardy said. Democratic Assem. Brittney Miller, chair of the Assembly Judiciary Committee, explained how lawmakers brought AB381 back despite the passing of the deadline. 'Amendments come and go and change at rapid speed as we approach the deadline,' Miller said. As that plays out, committee chairs monitor which bills have enough votes to pass and which ones don't. 'This bill was never put up for a vote. What we were referring to is did we have the votes internally in order to vote it out of committee for committee passage,' she said. 'Sometimes amendments work in a different direction and members make decisions in different directions,' Miller said. In this case, an amendment that would have repealed part of existing law caused some supporters to withdraw their votes. Language that defined what constitutes abandoning an animal was specific about injured animals, and didn't include anything about the possibility that healthy animals can also be abandoned. The move to give the bill an exemption allowed the committee to pass it on Monday. AB381 now goes to the full Assembly, where it will be considered for passage. From there, Senate approval is necessary before it can become law. Miller said the bill, as it stands now, is more robust and will make a better law if it is passed. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
06-02-2025
- Politics
- Yahoo
Renters' rights and 13 more bills to watch at the 2025 Nevada Legislature
LAS VEGAS (KLAS) — Lawmakers are busy in Carson City drawing up new rules to live by, including tougher penalties for committing crimes, protections for transgender Nevadans and a variety of laws related to housing and renters' rights. So far, 484 sponsored bills have been introduced in the 83rd Legislative Session, and there will be more as the session continues. Here's a look at some of the proposed laws*:* — Bills in the Nevada Assembly are labeled 'AB' at the front and Nevada Senate bills are labeled 'SB.' All bills must be approved by both houses and signed by the governor before they become law. PARAMILITARY ACTIVITY: AB119 would outlaw 'paramilitary activity' involving three or more people, setting out definitions for what those activities are and authorizing the attorney general to investigate and seek court injunctions to stop it from happening. A 'private paramilitary organization' is defined in the bill as an organized body consisting of three or more persons who associate under a structure of command for the purpose of functioning or training to function in a public place as a unit of combat, combat support, law enforcement or security services. The bill also establishes rights for victims of paramilitary activity to file civil lawsuits. The bill is sponsored by Democratic Assembly Speaker Steve Yeager. POLITICAL THREATS: AB123 takes on the issue of threats made during election campaigns, outlawing making statements that threaten someone's life. A first offense would be punished as a misdemeanor, and subsequent violations would be considered gross misdemeanors. The bill is sponsored by Assemblymember Hanadi Nadeem (D-Las Vegas). VOTER ID: AB147 sets up requirements for showing identification when voting, an idea that has wide support among Nevadans according to recent polls. (It's also the focus of Question 7, which is up for final approval in the next general election and would amend the Nevada Constitution.) The new bill would require the Nevada DMV to offer a free ID card to a registered voter who doesn't have one of the acceptable forms of ID and attests that he or she is experiencing financial hardship. It also specifies that voting the mail ballot of another person is a category D felony. Republican Gregory Hafen, the minority leader in the Nevada Assembly, sponsored the new bill. CCSD BOARD OF TRUSTEES: AB195 gives board members equal power, whether they are elected or appointed. Last session, lawmakers created four appointed positions to the Clark County School District Board of Trustees. The board responded by making sure the appointed members had little power. The new bill makes them equal and gives appointed members the right to serve as officers of the board. It also sets 12-year term limits for members that serve 'for any school district or combination of school districts.' The bill is sponsored by Republican Assemblymember Toby Yurek, who represents northeast Clark County. DONOR PRIVACY: AB197 requires the Secretary of State and other government entities from divulging information about donors or members/volunteers who work for nonprofits. It would prohibit agencies from requesting personal information about donors and people who work with nonprofits. It could also protect information about political action committees that fund election campaigns. The bill is sponsored by Assemblymember Shea Backus (D-Las Vegas). DOMESTIC VIOLENCE: AB216 would require police to conduct a 'lethality assessment' in domestic violence investigations, and would empower courts to consider such reports when making custody decisions. The step could possibly head off dangerous situations for victims of domestic violence. The bill is sponsored by Assemblymember Melissa Hardy (R-Henderson). FENTANYL PENALTIES: SB153 would elevate the penalty for selling, giving or trading a deadly fentanyl dose, taking it up to first-degree murder. The penalty would remain second-degree murder for deaths involving other controlled substances. See: Nevada proposal would add selling deadly fentanyl to first-degree murder charge. The bill is sponsored by Republican Senator John Steinbeck, who represents the northwest Las Vegas valley. BAIL REVOKED: SB163 would automatically revoke bail for anyone who is arrested on a felony charge while out on bail. The person would remain in jail until trial. The bill is sponsored by Republican Senator John Ellison, who represents roughly half the state, covering rural counties in eastern Nevada. TRANSGENDER 'SHIELD': SB171 would set up for protections for transgender patients and medical practitioners, preventing the state from participating in another state's prosecution. It's similar to existing laws that set up legal protections surrounding abortion procedures in Nevada. The bill is sponsored by Democratic Senator James Ohrenschall, who represents parts of southeast Las Vegas and parts of Henderson. LATEX GLOVES: SB184 seeks an end to the use of latex gloves or utensils in a food establishment. Allergies to latex became a serious problem in the late 1980s. The bill sets up penalties, allowing health officials to suspend permits, and even revoke permits for repeated offenses. It makes use of latex gloves or utensils a misdemeanor under Nevada law, and would extend the restriction to medical facilities. The bill is sponsored by Republican Senator Jeff Stone, who represents eastern and southern Clark County. 'Latex alternative gloves are available and inexpensive. Up to 5% of the general population has a latex allergy,' Stone told 8 News Now on Wednesday. 'Rarely, one can experience anaphylaxis which can be life threatening. Why take a chance when we have low cost safer alternatives?' Several bills focus on issues surrounding housing and protections designed for renters. Some of those bills are highlighted below: ACCESSORY DWELLINGS: AB131 would allow owners of designated historic properties an exception that would allow them to build an 'accessory dwelling' on the property. Restrictions against using the addition as a rental unit are written into the bill. It also seeks an expedited approval/appeal process. The bill is sponsored by Assemblymember Jovan Jackson, who represents areas including the Historic Westside in Las Vegas. KEEPING UP WITH REPAIRS: AB211 gets tough with landlords who neglect the properties their tenants live in. It sets up procedures relating to 'a property owner's failure to repair or rehabilitate or abate certain conditions on the residential property,' and gives local governments the authority to appoint a receiver for substandard property. The bill is sponsored by Assemblymember Venicia Considine, who represents parts of Henderson and southeast Las Vegas. RENTERS' RIGHTS: AB223 establishes sweeping powers for renters when a landlord fails to provide a dwelling in good condition. It would establish a verified complaint procedure when concerning habitable conditions. The bill requires landlords to list fees charged to tenants, and also requires that landlords provide an email address for tenants to contact staff. It requires landlords to provide waste removal at no charge to tenants. The bill also requires landlords to accept the following methods of payment for rent: money order, personal check, cashier's check or cash. That's likely in reaction to post-pandemic practices that have pushed tenants to sign up for third-party payment services that charge additional fees. Much more is included in the bill. Assemblymember Considine also sponsored this bill. DOG BREEDS: SB166 would expand the law preventing insurance companies from jacking up premiums or canceling a policy on the sole basis of a dog breed on the property. The law currently only applies to single-family residences but would be expanded to apartments, condos and other multi-family residences. The bill also requires some supportive housing landlords to allow at least one pet. The bill is sponsored by Democratic Senator Melanie Scheible, who represents parts of the southwest Las Vegas valley. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
