The Nebraska Supreme Court is allowing a measure that would cap rates on payday loans to appear on the November 3rd ballot.
An operator of one such business said referring to them as "payday lenders" would unfairly influence voters. A Lancaster County judge also dismissed a separate challenge to the ballot question.
The initiative seeks to reduce the annual percentage rate payday lenders can charge from the current average of over 400% to a maximum of 36%.
“Yesterday, the Supreme Court affirmed that our ballot language was drafted properly. Now we can focus on the effort to stop predatory lending this November,” says Kate Wolfe, campaign manager for Nebraskans for Responsible Lending.
“We now get to talk with voters about the realities of predatory payday lending."
(Photo from WOWT 6)