The payday loan industry will have a chance to repeal Ohio's new law cracking down on how much interest it can charge customers after submitting enough signatures to place the issue before voters.
A story from the AP says, Secretary of State Jennifer Brunner said Thursday the industry submitted more than 279,000 valid signatures. The repeal proposal will appear as Issue 5 on the Nov. 4 ballot.
The state law would cut the interest rate that payday lenders can charge from an average 391 percent annual rate to 28 percent.
Lenders argue that payday loans are an individual financial choice that shouldn't be taken away by lawmakers. They also have said the changes in the law will put them out of business.
Opponents of the loans have said the industry's business model is reliant upon trapping customers in a cycle of debt so they take one loan out after another to make payments on previous loans.
