The legislature passed a law. A provision of a new Nevada law that goes into effect Oct. 1 deals with so-called "stated loans" and is meant to ensure that the borrower can repay the loan. But because so many people in Nevada work for tips in the hospitality industry, stated loans make up as much as 25 percent of loans in the state, the president-elect of the Nevada Association of Mortgage Professionals told
MortgageDaily.com. "Some of the big lenders have stopped making loans until this gets cleared up."
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