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.