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Capped at 36% APR by ballot initiative in 2020, with 83% of voters in favour. Loans above the cap are void and cannot be collected.
Initiative 428, approved 3 November 2020
The ballot question asked whether to reduce what payday lenders may charge to a maximum of 36% APR, prohibit lenders from evading the cap, and deem void and uncollectable any transaction made in violation of it.
It passed with roughly 83% support — one of the widest margins of any consumer lending reform in the country. Results were certified on 30 November 2020 and the Governor issued the proclamation on 8 December 2020.Nebraska · Legislative researchNebraska Legislative Research Office backgrounder on payday loans — voters approved the measure making Nebraska the 17th state to cap payday loans at 36 percent; results certified 30 November 2020, proclamation issued 8 December 2020
Lenders making loans above the cap are not authorised to collect or retain fees, interest, principal or any associated charge — the same construction Illinois uses.
Delayed Deposit Services Licensing Act, Neb. Rev. Stat. §§ 45-901 to 45-931, as amended by Initiative 428
The measure extends the rate cap to all methods of providing payday loans and applies to lenders regardless of whether they have a physical presence in Nebraska. Online lenders are covered on the same terms.Nebraska · Legislative researchNebraska LRO backgrounder — the measure extends the APR cap to all methods of providing payday loans
That drafting is deliberate, and it is what Ohio’s 2008 attempt lacked.
What Nebraskans were paying before the cap
10The average number of payday loans taken per borrower, per year. In 2019 roughly 50,000 Nebraskans paid $30 million in fees across 507,000 transactions, on an average loan of $362.Nebraska · State dataNebraska Department of Banking and Finance data for 2019 — $30 million in payday loan transaction fees paid by nearly 50,000 Nebraskans; average loan $362; 507,000 delayed deposit transactions
You can revoke authorisation and instruct your bank to stop the payment, whatever your agreement says.
What Regulation E says about automatic payments →
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A payday loan is a consumer debt. If it goes unpaid, two Nebraska rules decide what a lender can do next: how long it has to sue you, and how much of your pay a court can order taken.
Being sued over an old payday loan? A collector can still file, but the time limit is a defence you can raise — and you cannot be jailed for the debt. What can and cannot happen if you don’t pay →