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Payday Loan Industry Falls Short in Petition Drive
AP (2008-09-23)
COLUMBUS, OH (wosu) - The payday loan industry struck out in
its initial bid to repeal Ohio's new law cracking down on how much interest it can charge customers.

Secretary of State Jennifer Brunner said Tuesday the industry fell about 56,000 valid signatures short to place the issue on the November ballot. The industry now has 10 days to make up the difference.

Payday lenders turned in about 186,000 signatures but needed 241,000.

Ohioans for Financial Freedom spokeswoman Kim Norris says the industry will continue to take its case to Ohio voters that their
private financial decisions are being taken away and that 6,000 payday jobs will be lost.

The new state law, if it stands, would cut the interest rate that payday lenders can charge from an average 391 percent annual
rate to 28 percent.

(Copyright 2008 by The Associated Press. All Rights Reserved.) © Copyright 2009, wosu