COLUMBUS (AP) — A ballot proposal to cap Ohio’s interest rates on payday loans and impose additional regulations on the industry is advancing to its next step.
The state Ballot Board is set to consider the “Short-Term Loan Consumer Protection Amendment” Tuesday. The panel must determine whether the proposed language represents a single issue.
The board’s approval would allow the gathering of signatures to begin. The Ohio Attorney General’s office certified a petition summary last week.
The Ohio CDC Association, which works to improve neighborhoods, is pushing the measure. It aims to reduce some of the nation’s highest interest rates on short-term loans by capping them at no more than 28 percent.
Ohio voters approved payday lending limits in 2008, but the industry has found ways to bypass those restrictions.