Payday Loans – Ohio Update

By | Sep 14, 2008

The payday loan initiative scheduled to be voted on in the November ballot is at risk of being left off the ballot.

Secretary of State Jennifer Brunner said she’ll appoint a hearing officer to decide if consultants hired to collect signatures to place the measure on the ballot properly filed the petitions.

Gov. Ted Strickland in June signed a law restricting the annual percentage rate that lenders can charge to 28 percent, and limit the number of loans customers can take to four per year.

The payday loan industry managed to collect 422,000 petition signatures to place their initiative on the November ballot.The ballot measure needs 241,000 signatures from at least 44 of Ohio’s 88 counties to qualify.

The payday loan measure will repeal the cap on interest, allowing lenders to charge roughly 400% APR’s depending on the term of the payday advance.

Parties supervising the collection of ballot signatures must file a Form 5 with Ohio that lists the names and addresses of signature gatherers and the names of their employers. Brunner’s office can’t seem to find evidence the form was filed by Arno Political Consultants, a California firm hired to collect a portion of its signatures.

This failure could result in having the payday loan measure deleted from the ballot.

Sec. of State Brunner will decide Sept. 25 whether to accept the signatures and allow the referendum to be placed on the ballot.

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