initiative to vote to cap payday loan interest rates collects necessary signatures | Regional government

Supporters of the measure, who include former borrowers, faith groups, veterans advocates and other civil rights and welfare groups, say the high interest rates benefit borrowers and have leads Nebraskans to pay about $ 28 million in fees to payday lenders each year. .

Coalition submits 120,000 signatures to cap Nebraska payday loan interest rates

But opponents say the ballot initiative, if passed by voters in Nebraska, would bankrupt businesses that offer small payday loans and leave those they serve without options.

The owner of one of those companies, Trina Thomas of Paycheck Advance, sued the Nebraska attorney general’s office last week over the language that will appear on the ballot.

Thomas’s lawyers say the term “payday lenders” does not appear in the law that would be changed by a successful ballot initiative, and that its use on the ballot is “misleading to voters because it unfairly throws the measure under. a day that will prejudge the vote in favor of the initiative.

July 3 petition deadline looming, but signatures collected remotely

Evnen said the Nebraska attorney general’s office will defend the lawsuit, which was filed in Lancaster County District Court on July 30.

In the meantime, Evnen said public hearings on the ballot initiative will be scheduled in all three congressional districts of Nebraska – dates and times have not been announced – and that a brochure on the initiative will be distributed. at each county election office.

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