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Nebraska Supreme Court rejects challenge to lending measure

New rules aim to end payday loan 'debt traps'
Posted at 1:02 PM, Oct 16, 2020
and last updated 2020-10-16 14:02:05-04

LINCOLN, Neb. (AP) — The Nebraska Supreme Court has rejected a challenge to a payday lending measure on the November ballot.

Supporters of the measure gathered enough signatures to place the proposal on the Nov. 3 ballot. However, a lawsuit argued that when circulators gathered petition signatures, they didn’t read the initiative’s full object statement to signers.

A Lancaster County District Court judge dismissed the challenge in September.

The Nebraska Supreme Court affirmed the district court decision. If approved by voters, the measure would cap the annual interest rate on payday loans at 36%.

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