Financial literacy bill approved

Senators gave final approval March 1 to a bill aimed at increasing financial literacy among Nebraska youth.

LB269, introduced by Lincoln Sen. Danielle Conrad, increases licensing fees for delayed deposit service providers, also known as payday lenders. Under the bill, renewal fees increase from $150 to $500 for a main office location and from $100 to $500 for each branch office location.

The bill also creates the Financial Literacy Fund to receive the increased portion of the licensing fees, which will be administered by the University of Nebraska to provide financial literacy education to K-12 students in Nebraska.

LB269 passed 48-0.