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Nebraska Supreme Court hears challenge to title of payday financing ballot initiative

Wednesday, December 16th, 2020

Nebraska Supreme Court hears challenge to title of payday financing ballot initiative

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Nebraska voters has the chance in November to determine whether cash loan organizations must be capped when you look at the level of interest they are able to charge when it comes to tiny loans they offer.

A effective petition drive place the measure, which will cap pay day loans at 36% in place of 400% as it is currently permitted under state law, in the ballot.

Nevertheless the owner of Paycheck Advance, one company that could be straight suffering from the alteration, stated such as the wording “payday financing” in the ballot name and explanatory statement as served by the Nebraska Attorney General’s workplace ended up being “insufficient and unjust.”

Trina Thomas sued Attorney General Doug Peterson and Secretary of State Bob Evnen, saying the language become printed in the ballot “unfairly casts the measure in a light that could prejudice the voter in support of the effort.”

Following the petition’s sponsors presented signatures to your Secretary of State’s Office on June 25, it had been forwarded towards the attorney general to draft the ballot name and statement that is explanatory.

Based on the language came back by the Attorney General’s workplace on July 17, the ballot measure would read:

A vote “FOR” will amend Nebraska statutes to: (1) decrease the amount that delayed deposit solutions licensees, also called payday loan providers, may charge up to a maximum apr of thirty-six %; (2) prohibit payday lenders from evading this price limit; and (3) deem void and uncollectable any delayed deposit transaction manufactured in violation with this price limit. (more…)