Law360 — Voters in Nebraska on Tuesday overwhelmingly authorized a ballot measure to ascertain a 36% rate limit 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 legislation to prohibit licensed deposit that is”delayed” providers from recharging borrowers yearly portion prices in excess of 36%. The initiative, 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 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. Fourteen other states therefore the District of Columbia also provide caps to suppress lenders that are payday prices, in accordance with Nebraskans for Responsible Lending, the advocacy coalition that led the “Vote for 428” campaign.
That coalition included the United states Civil Liberties Union, whoever nationwide governmental manager, Ronald Newman, said Wednesday that the measure’s passage marked a “huge success for Nebraska consumers additionally the battle for attaining financial and racial justice.”