Proposed restrictions would doom payday lending in Nebraska, lenders say

[TexasTowelie]

Payday lenders told lawmakers Tuesday that a proposal to limit interest rates and place other restrictions on their businesses would doom their form of short-term lending in Nebraska.

"Forget about a job killer, it would be an industry killer," said Brad Hill, president of the Nebraska Financial Service Association, a trade group of payday lenders.

Hill predicted his company, EZ Money, would close all but one or two of its nine Nebraska stores if the state enacted the limitations included in a bill co-sponsored this year by Sens. Tony Vargas of Omaha and Lou Ann Linehan of Elkhorn.

Hill's testimony came during a hearing on the bill (LB194) before the Legislature's Banking, Commerce and Insurance Committee.

Read more: http://journalstar.com/legislature/proposed-restrictions-would-doom-payday-lending-in-nebraska-lenders-say/article_6b4dfed7-f4f3-5fb2-9325-66b93bad006d.html