Measure on the ballot in the 2020 Nebraska General Election in Nebraska.
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Get StartedThe measure would amend Nebraska statutes to reduce the amount that delayed deposit services licensees, also known as payday lenders, can charge to a maximum annual percentage rate of thirty-six percent; to prohibit payday lenders from evading this rate cap; and to deem void and uncollectable any transaction made in violation of this rate cap.
A vote "FOR" will amend Nebraska statues to: (1) reduce the amount that delayed deposit services licensees, also known as payday lenders, can charge to a maximum annual percentage rate of thirty-six percent; (2) prohibit payday lenders from evading this rate cap; and (3) deem void and uncollectable any delayed deposit transaction made in violation of this rate cap.
A vote "AGAINST" will not cause the Nebraska statutes to be amended in such manner.
"The fact that signatures were verified in 46 counties speaks to broad support for this initiative. Predatory payday lenders have been charging excessive interest to Nebraskans who can least afford it for years, trapping them in long-term debt that is financially devastating. We found overwhelming support from Nebraskans when circulating this petition, and we are very pleased it’s official. We can now move forward with ending these unethical lending practices.", in support of Initiative Measure 428 (Learn more)
"From day one, I have gathered signatures in my community to make sure that no one has to go through the predatory payday loan trap I faced years ago. As a former borrower, as a person of faith, and as a community leader, I’m outraged by triple-digit interest rates and I’m ready to take this fight to the ballot in November.", in support of Initiative Measure 428 (Learn more)
"We provide credit to a section of the public that cannot get credit from the banks." The measure would "be a death knell" for payday lenders., in opposition to Initiative Measure 428 (Learn more)
"The Delayed Deposit Services Industry, created by the Legislature, allows for regulated access to short-term credit by Nebraskans of all income levels to pay unexpected medical bills, car repair, utilities etc. These businesses do not charge interest, but rather state law requires a fee of $15 per $100 transaction, which is lower than overdraft fees, utility reconnection fees, and bounced check fees. Federal reporting requirements do not fit this model and a translation to interest is skewed. This measure would reduce the fee to $1.38 per $100, forcing licensed Nebraska businesses to close and eliminating access to regulated small dollar loans. In states where this law was passed, complaints against unregulated internet lenders soared, just as cost of credit and personal hardship increased.", in opposition to Initiative Measure 428 (Learn more)
Shall Nebraska statutes be amended to: (1) reduce the amount that delayed deposit services licensees, also known as payday lenders, can charge to a maximum annual percentage rate of thirty-six percent; (2) prohibit payday lenders from evading this rate cap; and (3) deem void and uncollectable any delayed deposit transaction made in violation of this rate cap?
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