The Ohio Payday Lender rate of interest Cap Referendum, also called Referendum 5, ended up being from the 4, 2008 ballot in Ohio as a veto referendum, where it was approved november. The measure authorized legislation that capped the maximum interest price payday lenders may charge at 28% additionally the optimum loan quantity at $500. 1
|Ohio Referendum 5 (2008)|
Text of measure
The language appeared in the ballot as: 2
|вЂњ||REFERENDUM REFERENDUM ON LEGISLATION CREATING CHANGES TO TEST CASHING LENDING, SOMETIMES REFERRED TO AS “PAYDAY LENDING,” COSTS, INTEREST RATES AND METHODS|
Replace home Bill 545 (H.B. 545), that has been passed because of the Ohio legislature and finalized into legislation because of the Governor, considerably changed what the law states managing exactly how particular loan providers in Ohio run. Beneath the referendum, voters must determine whether part 3 of H.B. 545 is going into impact. Part 3 of H.B. 545 deletes the old conditions regarding the legislation check that is regulating loan providers, often called вЂњpayday lenders,вЂќ in favor for the brand brand new conditions.
1. If a majority of Ohio voters approve area 3 of H.B. 545, all short-term loan providers, including check cashing loan providers, could be at the mercy of the next limits: