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Nebraska Voters Right Right Right Back 36% Rate Cap For Payday Loan Providers

Nebraska Voters Right Right Right Back 36% Rate Cap For Payday Loan Providers

Law360 — Voters in Nebraska on Tuesday overwhelmingly authorized a ballot measure to determine a 36% price limit for payday lenders, positioning their state given that latest to clamp straight down on higher-cost financing to customers.

Nebraska’s rate-cap Measure 428 proposed changing the state’s legislation to prohibit licensed “delayed deposit services” providers from charging you borrowers yearly portion prices of greater than 36%. The effort, which had backing from community teams along with other advocates, passed with nearly 83% of voters in benefit, in accordance with an unofficial tally from the Nebraska assistant of state.

The effect brings Nebraska in accordance with neighboring Colorado and Southern Dakota, where voters authorized comparable 36% price limit ballot proposals by strong margins in 2018 and 2016, correspondingly. Fourteen other states and also the District of Columbia also provide caps to suppress lenders that are payday prices, relating to Nebraskans for Responsible Lending, the advocacy coalition that led the “Vote for 428” campaign.