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.
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