A citizens group is moving forward with its attempt to put a measure on the Ohio ballot that would crack down on payday lending. They say they鈥檙e tired of waiting for state lawmakers, who are so they can act on the bill.
The delayed vote on a new speaker stalled the payday-lending crackdown, which was . So Nate Coffman with says they鈥檙e going to take their issue to the voters.
鈥淲e are operating under the assumption that there鈥檚 not going to be meaningful reform passed by the Legislature,鈥� he said.
The says the bill would force storefronts to close and cut off access to loans. But opponents argue that the industry has been preying on people in need and charging them interest rates of up to 591 percent APR.
The initiative must now be approved by the ballot board before Coffman鈥檚 group can collect the more than 300,000 signatures it needs to make the ballot next year.
