Owner of Paycheck Advance Seeks to Change Poll Wording on Proposed Ceiling on Payday Loan Interest Rates | Regional government
They are asking a Lincoln judge for an expedited hearing on the case.
The move came just over a month after sponsors of the petition campaign, organized by Nebraskans for Responsible Lending, produced 120,000 signatures for validation, well above the state’s 7% of registered voters. necessary to get to the ballot.
Secretary of State Bob Evnen then forwarded a copy of the measure to Attorney General Doug Peterson, who returned the title of the ballot and an explanatory statement to be placed on the general election ballot if Evnen’s office validates the petition.
Thomas’ complaint disputing the language was filed electronically on Monday evening.
Aubrey Mancuso, who helped organize the petition campaign, said families have been trapped in debt cycles for too long due to unaffordable loans and the legislature has failed to address it.
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Each year, supporters say, Nebraskans pay about $ 28 million in fees to payday lenders who typically offer small loans to those who may not be able to borrow elsewhere. Opponents of the measure say the cap would likely bankrupt lenders.
Other states, 16 in all, as well as the District of Columbia, adopted interest limits on payday loans of 36%, and in 2006 Congress passed a limit of 36% for military personnel in active service.