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Payday lenders want voters to overturn new law
Wednesday, June 18, 2008
COLUMBUS — The payday lending industry wants to ask Ohio voters in November to overturn a new law that limits how much interest they can charge on short-term loans but advocates for the poor are hoping the issue never goes to the voters.
The Coalition on Homelessness and Housing in Ohio is asking Attorney General Nancy Hardin Rogers to reject the payday lenders' petition language, saying it's full of lies and deception.
Rogers' office said a decision on the petition wording is expected this week.
"We're confident that the attorney general will provide a thorough and fair review of the summary language. That's all we're going to say," said Kim Norris, spokeswoman for the Reject House Bill 545 Committee.
The attorney general must approve petition language before it can be circulated. Once approved, the payday lenders must collect 241,365 valid signatures of registered Ohio voters by Aug. 30 in order to get the issue on the ballot, Norris said.
The law takes effect Sept. 1 and limits the annual interest rates of short term loans at 28 percent. Payday lenders had been charging up to 391 percent annual interest rates.
The Coalition on Homelessness and Housing complained that the payday lenders petition language doesn't even mention the new and old interest rates.
Contact this reporter at (614) 224-1624 or lbischoff@DaytonDailyNews.com.
