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Nebraska lawmakers approaches that are considering payday financing. “Our payday financing law is not presently doing work for Nebraskans and isn’t currently doing work for our economy,” Vargas said

Nebraska lawmakers approaches that are considering payday financing. “Our payday financing law is not presently doing work for Nebraskans and isn’t currently doing work for our economy,” Vargas said

LINCOLN, Neb. (AP) — Opponents of payday advances urged Nebraska lawmakers on Tuesday to reject a bill that could allow lenders that are payday offer bigger loans with a high interest levels, while loan providers argued against new laws they said would destroy their company.

Omaha Sens. Tony Vargas and Lou Ann Linehan sponsored a bill modeled after having a 2010 Colorado legislation that could cap yearly rates of interest at 36 per cent, limitation re re re payments to 5 per cent of month-to-month gross earnings and restriction total interest and charges to 50 per cent regarding the principal stability — meaning the someone that is most would spend to borrow $500 is $750.

“Our payday financing legislation is not presently doing work for Nebraskans and it isn’t presently doing work for our economy,” Vargas said.