Payday lenders face another ballot challenge
COLUMBUS, Ohio (AP) — Supporters of a recently signed law that would restrict payday lenders will get another chance to boot from the November ballot an initiative that would overturn part of the law, Ohio’s elections chief said.
The ballot measure seeks to repeal the law’s cap on interest, allowing lenders to once again charge rates and fees that amount to a 391 annual percentage rate.
Gov. Ted Strickland in June signed the law that restricts the annual percentage rate that lenders can charge to 28 percent, and limits the number of loans customers can take to four per year. It is one of the strictest payday lending laws in the nation.
Secretary of State Jennifer Brunner said Friday that she’ll appoint a hearing officer to decide later this month whether consultants hired to collect signatures to place the measure on the ballot properly filed the petitions.
Industry-backed advocates turned in the 422,000 petition signatures to place their initiative on the ballot last month.
Brunner still must certify the petitions. They must provide a little more than 241,000 signatures from at least 44 of Ohio’s 88 counties to qualify for ballot placement.
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