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

The Ohio Payday Lender rate of interest Cap Referendum, also called Referendum 5, had been in the November 4, 2008 ballot in Ohio as being a veto referendum, where it had been authorized. The measure authorized legislation that capped the maximum interest rate payday lenders may charge at 28% and also the optimum loan amount 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 from the ballot as: 2

“ REFERENDUM REFERENDUM ON LEGISLATION GENERATING CHANGES TO CHECK ON CASHING LENDING, SOMETIMES KNOWN AS “PAYDAY LENDING,” FEES, INTEREST RATES AND METHODS

Substitute home Bill 545 (H.B. 545), that was passed away because of the Ohio legislature and finalized into law because of the Governor, considerably changed what the law states managing exactly how lenders that are certain Ohio run. Continue reading