Post by Logan on Mar 13, 2016 3:45:45 GMT -6
Payday lender bill dies after time runs out for regulation supporters
A proposed overhaul of Nebraska’s payday lending regulations had the endorsement of the Greater Omaha Chamber of Commerce and TD Ameritrade, but a redo of the rules on short-term loans won’t come to pass this year.
Legislative Bill 1036, introduced by State Sen. Kathy Campbell of Lincoln, aimed to cap the interest rate carried by payday loans at 36 percent, down from the current effective annual percentage rate of 460 percent.
The bill also sought to change collection practices and require more detailed reporting from the state’s payday lenders.
But it will be business as usual for the roughly 60 Omaha-area storefronts and about 90 others across the state. The overhaul failed to advance out of the Nebraska Legislature’s Banking, Commerce and Insurance Committee.
Read more: www.omaha.com/money/payday-lender-bill-dies-after-time-runs-out-for-regulation/article_e601efdc-42c6-5c38-88b2-1aae5667b764.html
A proposed overhaul of Nebraska’s payday lending regulations had the endorsement of the Greater Omaha Chamber of Commerce and TD Ameritrade, but a redo of the rules on short-term loans won’t come to pass this year.
Legislative Bill 1036, introduced by State Sen. Kathy Campbell of Lincoln, aimed to cap the interest rate carried by payday loans at 36 percent, down from the current effective annual percentage rate of 460 percent.
The bill also sought to change collection practices and require more detailed reporting from the state’s payday lenders.
But it will be business as usual for the roughly 60 Omaha-area storefronts and about 90 others across the state. The overhaul failed to advance out of the Nebraska Legislature’s Banking, Commerce and Insurance Committee.
Read more: www.omaha.com/money/payday-lender-bill-dies-after-time-runs-out-for-regulation/article_e601efdc-42c6-5c38-88b2-1aae5667b764.html