Backers fixing ballot measure capping payday interest rates
Supporters of capping Ohio’s interest rates on payday loans are working to correct errors and resubmit petition language after their first try was rejected.
Efforts by the Ohio CDC Association follow Ohio Attorney General Mike DeWine’s rejection of initial language March 9. DeWine found at least six instances where the petition summary did not match the group’s proposed constitutional amendment.
Organizers said in launching the ballot effort last month that the petition drive showed they were serious about seeking to amend Ohio’s constitution to cap some of the nation’s highest interest rates on payday loans at no more than 28 percent.
Organizer Nate Coffman says the group’s enthusiasm remains strong.
Ohio voters approved payday lending limits in 2018, but the industry has found ways to bypass those restrictions.