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Measure Details

Referendum on Legislation Making Changes to Check Cashing, Lending, Sometimes Known as "Pay Lending," Fees, Interest rates, and Practices

Ohio Ballot Measure - Issue 5

Election: General Nov. 4, 2008 (General)
Outcome: Passed

Business and Consumers
Finance and Banking


Ohio Issue #5 is a referendum on the November 4, 2008 ballot in Ohio. The question it asks voters is whether they want to approve Section 3 of Ohio House Bill 545 that caps the Ohio payday loan industry's interest rate at 28%. The interest rate cap prior to the passage of HB 545 was 391% ($15 per $100 on a two-week loan). After checking the validity of the signatures and petitions for Issue 5, the Secretary of State's Office found that the petitioners filed an insufficient number of valid signatures for this issue to be placed on the ballot and have not met the constitutionally required 3% signature threshold in at least 44 counties. The petitioners for issue 5 are entitled to ten (10) additional days from the issuance of the notification of insufficient signatures to file additional valid signatures.

Measure Text

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