What language do they want it in?
August 21, 2008 | Ohio, industry, media coverage, regulation, states | Comments (0)Two Ohio Ballot board members want to re-open that ballot language debate according to this story:
Two members of the Ohio Ballot Board are asking Secretary of State Jennifer Brunner to bring language for a referendum on House Bill 545, the payday lending reform law, back to the drawing board.
Board members William Morgan and Sen. Keith Faber, R-Celina, on Thursday wrote to Brunner requesting to hold an emergency meeting to review the previously approved ballot language.
“After careful review, we are extremely concerned that the ballot language that was adopted for Issue 5 has a strong potential to mislead, confuse or, worse, deceive the average Ohio voter,” Morgan and Faber wrote in the memo.
The end result of the payday language asks: “Shall Section 3 of H.B. 545 be approved?” A yes vote keeps intact the provision of the law, which caps annual interest rates on payday loans at 28 percent, down from 391 percent, while limiting the maximum loan amount to $500, from $800. A no vote, according to the language, sets the maximum loan amount back to $800 and allows payday lenders to levy a total charge on a loan that the referendum language says only “substantially exceeds” 28 percent. The 391 percent annual percentage rate calculation doesn’t appear on the ballot, sparking Faber and Morgan’s request for review.
As always, the Payday Pundit will let you know anything as soon as we know.
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