Backers of a proposed constitutional amendment capping interest rates on payday loans at 28 percent have delivered petition signatures to Ohio Attorney General Mike DeWine on Wednesday to get the measure onto the November ballot.
The number submitted is double the 1 thousand signatures necessary to clear the first legal hurdle. Organizers include Nate Coffman of Columbus and Carl Ruby, a pastor from Springfield. Ohio has some of the highest interest rates on payday loans in the nation. Voters approved payday lending limits in 2018, but Coffman and Ruby say the industry has bypassed those restrictions. Bipartisan legislation aimed at reining the industry in also has stalled for more than a year in the Republican-controlled Legislature.
