Nebraska

The Nebraska payday loan laws are indicated in a revised state statute 45-901. In this revised law it states that anyone wishing to engage in the act of lending payday loans must obtain a license from the Nebraska Department of Banking. In order to do so, applicants are required to disclose any misdemeanors involving felonies. The must also pay a $300 fee, provide a surety bond of $50,000, and have assets of at least $25,000. A public hearing is held for each application.

Payday loan companies operating in the state of Nebraska can charge fees up to $15 per $100 that’s borrowed. The maximum amount that anyone can borrow in Nebraska is $500. Nebraska law prohibits lenders from deferring checks for more than 31 days. Payday loan stores in Nebraska are also prohibited from lending more than two checks at one time. By Nebraska law, the two checks cannot total over $500. If a borrower is late on payment, payday loan lenders in Nebraska have the right to charge a one-time-only late fee of $15.

In Nebraska, a payday loan lender must display their license in plain view, in addition to all fees, charges, and penalties for late payments. Loan agreements provided to the customer must be written in plain and understandable language stating the fees to be charged, and the date on which the check will be deposited.