A payday loans industry group is considering a November ballot issue that would ask voters to repeal a new law that limits the interest rate charged by such lenders.

Columbus lawyer David Paragas is representing the Washington-based Community Financial Services Association in its fight against the bill signed by Gov. Ted Strickland on Monday. It would cap annual interest rates at 28 percent, down from as much 391 percent charged currently.

If state elections and legal officials decide a petition is in order, backers would need to get signatures from 241,366 voters by Sept. 1 to put the repeal before voters.