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Home > Blogs > Ohio politics > Archives > 2008 > September > 19 > Entry
Pay day lenders hit snag
The payday lenders agreed Friday, Sept. 19, to throw out nearly 13,000 petition signatures collected by California-based Arno Political Consultants — a blow to their campaign for 241,365 valid signatures needed to get on the November ballot.
County boards of elections returned the petitions, some of which had very low validation rates. For example, only about 38 percent of the signatures turned into Montgomery County were deemed valid and evidence of potential fraud has been turned over to the county prosecutor for investigation. The Ohio Secretary of State’s office has not yet said if the payday lenders have enough valid signatures.
Ohioans for Financial Freedom, which represents the payday lenders, said if it falls short, the group will seek additional signatures to try to make the ballot.
Consumer groups had accused Arno of failing to submit the proper disclosure forms to Ohio Secretary of State Jennifer Brunner.
Lawmakers passed a law earlier this year that slashed allowable annual interest rates on short term loans to 28 percent, down from 391 percent, and set a four-per-customer annual limit. The payday lending industry says their shops will likely close and 6,000 jobs will be lost if the law takes effect.
A yes vote would keep the 28 percent rate cap in place. A no vote would allow payday lenders to continue charging 391 percent annual interest rates.
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By aharddaysnight
September 22, 2008 8:47 AM | Link to this
I still don’t see why the state feels they need to make decisions like this for us. It’s called personal responsibility.