Minority Republicans in the Ohio House of Representatives tried Tuesday to kill a plan to crack down for a second time on payday loans in Ohio.
Some Ohio legislators are accusing payday lenders of skirting the spirit of a new state law, so they can continue to charge sky-high rates on short-term loans.
Back before last fall’s elections – supporters of the payday loan industry warned that thousands of employees would lose their jobs if loan rates were capped at 28 percent. The legislation passed anyway and many of those payday lenders are still in business – but lending money under different terms.
The payday loan industry is looking at other business options in Ohio after losing a ballot fight to overturn tough restrictions on interest rates it can charge costumers.
A group that pushes for smaller government and lower taxes is accusing advocates for the homeless of spending taxpayer dollars to convince Ohioans to vote yes on a ballot issue cracking down on payday lenders.
It now appears that Ohio voters will indeed get a chance to vote on whether to keep or throw out a new state law that cracks down on payday loan stores.
The November election is more than six weeks away, but advocates for and against the payday loan ballot issue are pushing their point of view.
It’s still not clear whether Ohioans will definitely vote in November on a plan to crack down on those two-week “payday” loans.
Invalid Signatures are a Problem for Supporters of a Ballot Issue to Overturn Ohio’s Tough New Law on Payday Lenders
The supporters of a ballot issue that would toss out Ohio’s new crackdown on payday lenders could be in trouble.
Supporters of a new state law that slashes the interest charges payday lenders may charge have won two unexpected endorsements.