NEBRASKA GROUP BEHIND PETITION DRIVE TO CAP INTEREST RATES ON PAYDAY LOANS TURNS IN SIGNATURES

LINCOLN - A petition drive targeting exorbitant payday loan rates turned in more than 120,000 signatures to the Secretary of State’s office Thursday.

That’s well above the number of signatures required to qualify for the November ballot. Nebraskans for Responsible Lending need about 85,200 valid signatures to get their proposal before voters.

Aubrey Mancuso, one of the group’s leaders, said petition circulators found Nebraskans eager to sign in support of a 36% annual interest rate cap on payday loans.

Backers of the Nebraska petition drive spent nearly $1.5 million on the effort through late May, according to reports filed with the Nebraska Accountability and Disclosure Commission. The bulk of the money came from the American Civil Liberties Union, $712, 317, and the Sixteen Thirty Fund, $355,000.

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