Law360 — Voters in Nebraska on Tuesday overwhelmingly authorized a ballot measure to ascertain a 36% price limit for payday lenders, positioning their state while 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 charging you borrowers yearly percentage 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, based on 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 cap ballot proposals by strong margins in 2018 and 2016, correspondingly. Continua a leggere