LINCOLN- The outcome of Initiative 428 passed with an overwhelming amount of support. This measure will cap payday loans at 36%. The coalition of groups called Nebraskans for Responsible Lending collected over 120,000 petition signature to get the measure on the ballot.

These loans are a type of short-term, high-cost borrowing that allows a person to get immediate cash. Fees charged by payday lenders in Nebraska equaled 387% in annual interest. Advocates say that current rates prey on poor people. Opponents of the initiative challenged the measure multiple times, but all attempts failed.

Nebraskan voters also voted to approve Amendment 1 of the state constitution which previously allowed slavery or involuntary servitude as punishment for a crime. Tax-increment financing will now enhance tax benefits for developments in 'extremely blighted' areas. This will allow for municipalities to offer up to 20 years in tax-increment financing.

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