Nevada has a robust banking system overseen by our Financial Institutions and Mortgage Lending Divisions of our Department of Business and Industry (http://www.fid.state.nv.us, http://mld.nv.gov). Nearly 80 different banks and credit unions operate in our state, alongside 1,568 licensed mortgage brokers, mortgage bankers and escrow agencies. Many more companies offer long- and short-term loans and title loans, in addition to check cashing, deferred deposit and money transmittal services. There are no licensed savings and loan institutions in Nevada.

We are one of the few states with neither usury limits nor a cap on credit card interest rates (the legal interest rate is 12%). This lender-friendly environment has attracted major credit card issuers to establish bases of operation in Nevada; whence credit may be imported to other states. Similarly, we have created a regulatory environment that is attracting captive insurers to Nevada as well (http://doi.state.nv.us/index.htm).

Any discussion of finance must touch on the issue of taxation. According to the Tax Foundation's 2004 State Business Tax Climate Index, our state ranks sixth in the nation for its overall "tax-friendliness" and first in the nation on the Corporate Income Tax Index.