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

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

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

Nebraska’s rate-cap Measure 428 proposed changing their state’s rules to prohibit certified “delayed deposit services” providers from billing borrowers yearly portion prices in excess of 36%. The effort, which had backing from community groups and other advocates, passed with nearly 83% of voters in benefit, relating to an unofficial tally from the Nebraska assistant of state.

The end result brings Nebraska consistent 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 likewise have caps to control payday loan providers’ prices, in accordance with Nebraskans for Responsible Lending, the advocacy coalition that led the “Vote for 428” campaign.

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