Opponents of payday advances urged Nebraska lawmakers on Tuesday to reject a bill that could enable payday loan providers to offer bigger loans with a high rates of interest, while loan providers argued against brand new laws they stated would destroy their business.
Omaha Sens. Tony Vargas and Lou Ann Linehan sponsored a bill modeled following a 2010 Colorado legislation that will cap yearly rates of interest at 36 per cent, restriction re re payments to 5 % of monthly gross earnings and limitation total interest and charges to 50 % regarding the major stability — meaning the many someone would spend to borrow $500 is $750.