Backers advance ballot measure capping payday interest rates

COLUMBUS (AP) — Supporters of interest rate caps on payday loans are working to take their fight to November’s ballot.

Backers of a proposed constitutional amendment capping interest rates on payday loans at 28 percent delivered to Ohio Attorney General Mike DeWine on Wednesday double the 1,000 signatures necessary to clear the first hurdle.

Organizers Nate Coffman, of Columbus, and Carl Ruby, a pastor from Springfield, said the signatures show they’re serious about their effort, which comes as Ohio sees some of the highest interest rates on payday loans in the nation.

Ohio voters approved payday lending limits in 2018, but Coffman and Ruby said the industry has bypassed those restrictions. Bipartisan legislation aimed at reining the industry in also has stalled for more than a year in the Republican-led Legislature.