Ohio Payday Lender Rate Of Interest Cap, Referendum 5 (2008)

The Ohio Payday Lender interest Cap Referendum, also called Referendum 5, had been from the 4, 2008 ballot in Ohio as a veto referendum, where it was approved november. The measure authorized legislation that capped the maximum interest price payday lenders may charge at 28% while the optimum loan quantity at $500. 1

Election results

Ohio Referendum 5 (2008)
outcome Votes Percentage
a Yes 3,396,968 63.61percent
No 1,943,721 36.39%

Text of measure

The language showed up regarding the ballot as: 2

“ REFERENDUM REFERENDUM ON LEGISLATION CREATING CHANGES TO TEST CASHING LENDING, SOMETIMES REFERRED TO AS “PAYDAY LENDING,” CHARGES, INTEREST RATES AND METHODS

Replace home Bill 545 (H.B. 545), that was passed away by the Ohio legislature and finalized into legislation because of the Governor, considerably changed regulations managing exactly how particular loan providers in Ohio operate. Beneath the referendum, voters must determine whether part 3 of H.B. 545 is going into impact. Part 3 of H.B. 545 deletes the old provisions regarding the legislation check that is regulating loan providers, often referred to as “payday lenders,” in favor of this brand new conditions. Continue reading