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Home > Blogs > Ohio politics > Archives > 2008 > September > 23 > Entry
Payday lending ballot issue falls short of signatures
Backers of a referendum on Ohio’s new law limiting payday lending interest rates have fallen short of the number of valid signatures needed to get the issue on the Nov. 4 ballot, Secretary of State Jennifer Brunner announced on Tuesday, Sept. 23.
Supporters of the ballot issue now have 10 days to submit additional signatures.
Brunner said that petitions to get the issue on the ballot had 185,729 valid signatures, short of the 241,366 required. That represents 6 percent of the votes cast in the 2006 governor’s race.
The backers fell short on a second requirement, also. They needed signatures equaling 3 percent of the ballots cast in the 2006 governor’s race in at least 44 counties. They met the 3 percent threshold in 33 counties.
A “yes” vote on the ballot issue would limit lenders to the new 28 percent interest cap while a “no” vote would allow lenders to keep the current 391 percent cap.
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Comments
By Payday Loan Advocate
October 7, 2008 11:30 PM | Link to this
If you buy into the wrong information about payday loans then you are in for an unfortunate situation. Especially when you proceed down a path based on that misinformation. The pluses and minuses of payday loans and the unknown future of the industry often can fall victim to this. Some politicians from all parties are attempting to pass legislation that would restrict or take away your right to get a payday loan. In this growing battle, some politicians have already succeeded in passing their legislation. Some politicians have already outlawed the whole industry in their states. Many of these laws are based on the misinformation that the payday loan industry is exactly the same as loans sharks. Please don’t jump to conclusions, and educate yourself, family, and friends on the right to financial independence.By null n.
September 26, 2008 2:49 PM | Link to this
nope.By AdminUser
September 25, 2008 8:22 PM | Link to this
Hey Casey-Looks like Null n Void, Nulln, and Against Usury are all the same person. Thought you’d like to know. Also—to all the people who are the same person, I’m against usury too. Usury is a 25% interest Cap, Payday lending is 15% per loan.By Admin
September 25, 2008 8:21 PM | Link to this
Hey Casey-Looks like Null n Void, Nulln, and Against Usury are all the same person. Thought you’d like to know. Also—to all the people who are the same person, I’m against usury too. Usury is a 25% interest Cap, Payday lending is 15% per loan.By Admin
September 25, 2008 8:21 PM | Link to this
Hey Casey-Looks like Null n Void, Nulln, and Against Usury are all the same person. Thought you’d like to know. Also—to all the people who are the same person, I’m against usury too. Usury is a 25% interest Cap, Payday lending is 15% per loan.By Casey
September 25, 2008 6:32 PM | Link to this
Hey nulln- have some guts and use your real name!!By null n.
September 24, 2008 4:28 PM | Link to this
looks like it was break time at the collection offices down in sharonville.By payday lender employee
September 24, 2008 3:24 PM | Link to this
As far as us being legal loan sharks, when we got these wind storms a week ago we got a lot of new customers who needed a few dollars to get them replacement groceries until payday, that is what our services are for to help people through emergencies, some people unforunately do get stuck in the cycle.By payday lender employee
September 24, 2008 3:10 PM | Link to this
Casey I’m glad you put that in prospective for everyone. I’ve always wanted to know why the government doesn’t crack down on banks and credit card companys? There fees are crazy, banks charge 37.00 whether is .01 or 100.00 and the credit card companys charge 37.00 for late fees and if that puts you even a penny over your limit you are charge another 37.00.By Casey
September 24, 2008 2:04 PM | Link to this
Since we are arguing about APR, let’s go with a comparison about APR. These are actual real figures… based on using an ANNUAL INTEREST RATE $100 payday advance with $15 fee is 391% APR. $100 bounced check with $54.87 NSF/overdraft fee is 1431% APR; $29 overdraft protection fee on $100 is 755% APR. $100 credit card balance with $37 late fee is 965% APR; Hmmmm, now I’m not a rock scientist, but I understand that paying $15 is the best alternative!!! And I’m pretty sure Ohioans will agree. ~~~~~~~~~~~~~~~VOTE NO on ISSUE 5!!!!!!!!!~~~~~~~~~By VOTE-NO-ON-ISSUE5
September 24, 2008 1:31 PM | Link to this
If you would rather pay $15 for $100 vs. $37 for $100 bounced check… ***VOTE NO ON ISSUE 5** If you prefer to have OPTIONS vs. having Daddy Government step in and tell you what you can and cannot do ***VOTE NO ON ISSUE 5*** If you can make your own financial choices privately ***VOTE NO ON ISSUE 5**** If you prefer Ohio not lose another 6,000 jobs to increase unemployment and welfare ***VOTE NO ON ISSUE5***** If you are okay with the government stepping in now and telling you what to do…don’t cry with they tell you how to eat, how to talk, what religious beliefs are okay, and how you can raise your own children. If you want to remain an American to live freely without the intervention of the government into your financial affairs… ***VOTE NO ON ISSUE5*****By Casey
September 24, 2008 12:58 PM | Link to this
“Our politicians are deciding what financial choices consenting adults may make.” I work hard for money and as an adult I want to choose how, where, when and why I spend it. I certainly don’t want the government intruding on my financial decisions!!By Casey
September 24, 2008 12:49 PM | Link to this
Some facts folks— “In truth, the typical payday advance customer represents the lion’s share of America’s middle class. A typical payday loan customer is a hard working, family raising adult who does not have savings or disposable income to use as a safety net when an unexpected expense occurs. Here are the facts: 1)The majority of payday advance customers earn between $25,000 and $50,000 annually; 2)Sixty-eight percent are under 45 years old; only 4 percent are over 65, compared to 20 percent of the population; 3)Ninety-four percent have a high school diploma or better, with 56 percent having some college or a degree; 4)Forty-two percent own their own homes; 5)The majority are married and 64 percent have children in the household; and, 6) One hundred percent (100%!!!!!!!) have steady incomes and active checking accounts, both of which are required to receive a payday advance.” (Source- PD Facts)By VOTE-NO-ON-ISSUE5
September 24, 2008 12:49 PM | Link to this
*Vote NO on ISSUE 5***Voting yes, eliminates the ability to get a payday loan because it brings the profit of a payday loan to $1.08–NO business can survive on that. It wont pay for the cost of printing the contract let alone the teller that gave the loan.VOTE NO ON ISSUE 5, saves the industry, and saves your option to take out a loan if you need one. Would you rather pay $15 to borrow $100, or $37 bounced check fee on a $100 check?***VOTE NO ON ISSUE 5****Preserve Options, Choices, Freedom!By Casey
September 24, 2008 12:49 PM | Link to this
Good grief people get a grip!! And please know what you are talking about before you spew out incorrect info. A payday loan is for 2 weeks, not 52 weeks- so to state the rate is 391% is BOGUS and FALSE. It’s 15% for 2 weeks. Yes, the APR (by law) is on the contract, but since roll-overs aren’t allowed in Ohio and neither are 52 week Payday loans, it’s not relevant. VOTE NO on ISSUE 5By Null & Void
September 24, 2008 12:12 PM | Link to this
These pay day lending establishments are a blight to our community. Do you really believe they will close up shop. I’ll believe it when I see it.By Null & Void
September 24, 2008 12:11 PM | Link to this
These pay day lending establishments are a blight to our community. Do you really believe they will close up shop. I’ll beleive it when I see it.By Philip
September 24, 2008 11:49 AM | Link to this
I’m glad its going to fail We got to many Loan sharks out there…….By Mark
September 24, 2008 11:12 AM | Link to this
I know, I will vote to limit Pay Days from charging excessive interest rates, if it does make it on the ballot. Their rates are higher than most load-sharks. They only prey upon the poor and less informed.By VietVet
September 24, 2008 10:10 AM | Link to this
391% !!! Let’s put these crooks out of business. Heck, 28% is too much interest!.Payday loan sharking ruins people’s lives. If we’re going to keep ‘em, regulate them on the interest charged.By M
September 24, 2008 9:43 AM | Link to this
If they can get this going, why can’t we see another smoking ballet ? I’m sure there are enough smokers to get a new vote with clear language going. I don’t smoke, but I would like to see a fairly worded issue again.By Against Usury
September 24, 2008 9:13 AM | Link to this
Lights out for loan sharks! Maybe when they close, we can loan them cash at 300% interest.By scott
September 24, 2008 7:36 AM | Link to this
I’m glad is failing. I was approched outside a restaurant in Greenville and really lied to about what I was signing. Just glad there was a way to get my name removed.By April
September 23, 2008 9:20 PM | Link to this
I’m glad their sleazy tactics and half-truth are biting them in the butt. I was confronted about signing to “save 5000 jobs”…but I was smart enough to ask for more information and realized what they were trying to do. In the words of Republican and Senate President, Bill Harris: “We want to replace jobs that are taking advantage of people with jobs that help people”By Steven Saus
September 23, 2008 8:37 PM | Link to this
@MarkWilliams: I agree - it took me a double-readthrough of the voting issue to realize that we’re on the same side of this thing. Which is the ursurer’s point, I guess.By Mark A. Williams
September 23, 2008 8:07 PM | Link to this
I hope they fail to have enough signatures to get this issue onthe ballot. Payday lenders are nothing more then loan sharks who wen legitimate.By Mark A. Williams
September 23, 2008 8:07 PM | Link to this
I hope they fail to have enough signatures to get this issue onthe ballot. Payday lenders are nothing more then loan sharks who wen legitimate.