AG Certifies Payday Lending Ballot Issue
The Ohio Attorney General's office has certified a ballot proposal to cap interest rates on payday loans and impose additional regulations.
The office found backers of the "Short-Term Loan Consumer Protection Amendment" re-submitted petition contained a "fair and truthful" summary of the proposal and the necessary 1 thousand valid petition signatures. An earlier petition was rejected March 9. The amendment now goes to the Ohio Ballot Board. Organizers, including the Ohio CDC Association, said in launching the ballot effort in February that they want to see some of the nation's highest interest rates on short-term loans capped at no more than 28 percent. Ohio voters approved payday lending limits in 2018, but the industry has found ways to bypass those restrictions.