Last updated 9:34PM ET
October 19, 2017
WOUB Local News
WOUB Local News
Payday lenders petition for repeal
(2008-09-01)
(WOUB) - Payday lenders turned in more than 400,000 petition signatures yesteday in an attempt to repeal part of a lending law that is one of the strictest of its kind in the nation.

Ohio Secretary of State Jennifer Brunner must certify the signatures before the repeal of the lending law can be placed on the November ballot.

In June Gov. Ted Strickland signed a law that restricts the annual percentage rate that lenders can charge to 28 percent. It also limits the number of loans customers can take to four per
year.

Lenders have been charging what amounts to a 391 percent annual rate, which critics said often traps customers in a cycle of debt.

Lenders argue that people should be able to make their own financial choices, and that the law would mean 6,000 payday employees would lose their jobs.
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