LINCOLN- The owner of Paycheck Advance has filed a lawsuit seeking to keep a ballot initiative, which would cap the rate cash advance businesses such as hers can charge, off the ballot as currently worded.

If put on November's general election ballot and approved, the measure would cap payday loan rates at 36%, rather than up to 400% as currently allowed under state law. In a complaint filed this week in Lancaster County District Court, Trina Thomas says the ballot title and explanatory statement prepared by the Nebraska Attorney General's Office is "insufficient and unfair."

As sent, it would say: A vote "FOR" will amend Nebraska statutes to: (1) reduce the amount that delayed deposit services licensees, also known as payday lenders, can charge to a maximum annual percentage rate of thirty-six percent; (2) prohibit payday lenders from evading this rate cap; and (3) deem void and uncollectable any delayed deposit transaction made in violation of this rate cap.

Thomas' attorneys, J.L. Spray and Stephen Mossman, say she proposes dropping payday lenders from the language.

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