Ballot box picks up proposal for payday loan in Ohio

A proposed election to cap Ohio’s payday loan interest rates and impose additional regulations on the industry is the next step.

The state electoral board will discuss the “short-term credit consumer protection change” on Tuesday. The panel must determine whether the proposed language is a single topic.

The approval of the board would enable the collection of signatures to begin. The Ohio Attorney General certified a petition summary last week.

The Ohio CDC Association, which works to improve the neighborhood, is driving the move forward. It aims to lower some of the nation’s highest short-term loan interest rates by capping them below 28 percent.

Ohio voters approved payday credit limits in 2008, but the industry has figured out ways to bypass those restrictions.

(Copyright 2018 The Associated Press. All rights reserved. You may not publish, broadcast, rewrite, or redistribute this material.)

Comments are closed.