Ohio voters could soon decide on amendment capping payday interest rates

Ohio Statehouse Newsroom

LONDON, ENGLAND – NOVEMBER 01: A sign outside a ‘Speedy Cash’ cash loans shop on Brixton High Street on November 1, 2012 in London, England. The recession has changed the face of the UK’s high streets, which have seen a boom in bookmakers, discount stores, charity shops, cheque cashing (payday loans) and pawnbrokers as cash-strapped […]

COLUMBUS (AP) — A ballot proposal to cap Ohio’s interest rates on payday loans and impose additional regulations on the industry has cleared its initial hurdle.

Ohio Attorney General Mike DeWine certified the “Short-Term Loan Consumer Protection Amendment” on Monday. His office found backers’ re-submitted petition contained a “fair and truthful” summary of the proposal and the necessary 1,000 valid signatures. An earlier petition was rejected March 9.

The amendment goes next 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.

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