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Lending issue language rejected by state official

By Laura A. Bischoff

Staff Writer

Friday, June 20, 2008

COLUMBUS — State Attorney General Nancy Hardin Rogers refused to certify the petition language for a group that wants voters to overturn a newly adopted anti-payday lending law.

The language isn't truthful, she said, because it omits crucial details about what the new law does.

Bill Faith, director of the Coalition on Homelessness and Housing in Ohio, offered to help re-write the summary. "Although we are on opposite sides on this proposed ballot issue I know we can agree on one thing: For a democracy to properly function, its citizens must have access to the truth," Faith wrote to a lawyer for the group seeking the repeal.

"At the very minimum, a truthful summary of House Bill 545 must explain that the cornerstone of the new law is a 28 percent interest rate cap that replaces the existing law allowing a 391 percent annual percentage rate."

The payday lending interests pledged to rewrite and resubmit the petition. Once the language is approved, they must get 241,365 signatures from registered voters by Aug. 31 to get the issue on the November ballot.


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