It took 5 hours, but the Ohio Ballot board was finally able to make both sides happy. In the upcoming election, the PDL industry looks to overturn the referendum that will cap interest rates at 28%. If enough voters vote “No” the cap goes away.
It’s worth noting that there is a lot more regulation on the industry besides the rate cap. Most of which is welcomed by the lenders in order to help self regulate their industry.
The PDL industry still has to get 241,365 valid signatures before it’s officially on the ballot. I don’t know how many more they need or when the deadline is.
You can read more about the actual process here.
