Ohio PayDay Lenders May Collect Sigs; Confusion Promised
Joe Mathews -
July 12, 2008 - 9:58am
Payday lenders in Ohio, who want to reverse a new state law regulating imposing a 28 percent limit on the interest they may charge, have finally received the go-ahead to collect signatures on a referendum. But the state attorney general is warning that if the referendum should pass, discrepancies between the petition and the law could cause legal confusion. In fact, it appears that if the payday measure passes, two different numerical limits on the interest in such loans would be enshrined in state law.


















National Payday Lobby Moves into Ohio
If the national payday lobby is able to overturn House Bill 545 through the referendum process, lenders will still be able to charge 391% APR. Please remember that this is an highly orchestrated and well-funded campaign being run by rich lobbyists who fly in corporate jets to our state pretending to be acting in the people's interest.
"Think before you ink!" We urge all Ohioans to read the petitions carefully before signing. This is not payday lending reform - it is instead a referendum on the nation's best consumer protection law. I think we can all agree that 391% interest is way, way too high!
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