Payday lending lawsuit in Ohio getting lots of coverage
July 8, 2008 | Ohio | Comments (1)Here’s the Columbus Dispatch story on the industry’s lawsuit against the Ohio A.G. and here’s a story from an Ohio radio station’s website. The Associated Press version has been picked up by CNN Money. And here is Columbus Ohio’s NBC affiliate on the matter.
The essence of the lawsuit is simple: The Ohio’s AG’s rejection of the industry’s referendum langauge is causing delays in the industry’s ability to gather signatures. And that’s unconstitutional.
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The essence of the problem is simple too. The petition summary language hasn’t been truthful and includes no reference to the interest rate cap of 28% APR. Perhaps if the Reject HB 545 Committee’s attorneys chose to include some of the fundamental tenants of the bill (like the rate cap), the Attorney General would approve the language and the signature collection could begin.
Ohio law is pretty clear about the AG’s responsibility to review petition summary language: “Not later than 10 business days after receiving a copy of the petition, measure, and summary, the attorney general shall examine the summary and, if in the attorney general’s opinion, the summary is a fair and truthful statement of the measure to be referred, so certify.” The AG hasn’t found the summary to be fair and truthful. Pretty darn cut and dry!