29 Mar Nebraska Voters Right Right Back 36% Price Cap For Payday Lenders
Law360 (November 4, 2020, 6:42 PM EST) -- Voters in Nebraska on Tuesday overwhelmingly authorized a ballot measure to determine a 36% price cap for payday lenders, positioning their state while the latest to clamp straight down on higher-cost lending to customers.
Nebraska's rate-cap Measure 428 proposed changing their state's regulations to prohibit licensed deposit that is"delayed" providers from recharging 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, in accordance with a tally that is unofficial the Nebraska assistant of state.
The end result 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.