COLUMBUS, Ohio (AP) -- Opponents of a new Ohio law that puts tough restrictions on the payday loan industry have raised $18 million in their campaign to repeal it.
They say the law will kill 6,000 jobs statewide.
Supporters, who see themselves in a David vs. Goliath battle, will try to reach voters with testimonies from loan recipients and former employees who say the industry traps customers in a cycle of debt.
Defenders of the law also will turn to help from Gov. Ted Strickland and top lawmakers.
Issue 5 on the Nov. 4 ballot asks voters whether they want to keep restrictions on the industry.
The law would reduce annual interest rates on loans from 391 percent to 28 percent and limits Ohioans to four such loans a year.
Source:http://www.wcpo.com/news/local/story.aspx