COLUMBUS (AP) — Backers of a ballot proposal to cap Ohio’s interest rates on payday loans and impose additional regulations on the industry have been cleared to begin signature-gathering.
The state Ballot Board advanced the "Short-Term Loan Consumer Protection Amendment" on Tuesday by certifying it as a single ballot issue.
The board’s approval allows the gathering of roughly 306,000 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.