Campaign BulletinCheck out our new undersea world of loan sharking video directly above.
Issue 5 passed overwhelmingly! Thank you for voting yes on Issue 5!
The payday lending industry raised over $22 million to overturn House Bill 545, one of the nation's best payday consumer protection laws. Truth won out on November 4th!
To view Issue 5 supporters, please click on the link below:
Issue 5 Endorsement List
ISSUE 5 PASSES 64% to 36%! THANK YOU!
In a stunning victory for Ohio consumers, Issue 5, the payday lending rate cap referendum, passed on Election Day by a margin of nearly two to one. By affirming House Bill 545 and its 28 percent APR rate cap, voters renounced 13 years of unregulated corporate greed. Despite industry's $22 million campaign budget (to our $500,000), Ohio voters recognized payday lending as defective, predatory, and intentionally designed to trap borrowers in debt.
This was a long, hard fought campaign that involved hundreds of volunteers investing tens of thousands of hours spreading the word through neighborhoods and congregations, on websites and through media outlets.
Issue 5 leader organizations included COHHIO, the Ohio Coalition for Responsible Lending, the Ohio Roundtable, the Ohio Farm Bureau, AARP, the Ohio Manufacturers' Association, SEIU and dozens of others who volunteered time and energy on behalf of Ohio's consumers. Legislators, mayors, city council members and county commissioners representing all corners and pockets of Ohio share this victory, as do faith-based groups from a variety of denominations. A special thanks goes to borrowers and former employees who came forward to share their personal stories and insights into the payday lending debt trap.
Despite our big win, we must all remain vigilant to new loan products that emerge. Already there are reports of the payday lending industry attempting to circumvent Ohio's new law by developing new predatory products. Call our hotline at 1-866-966-8727 to report any abuses. Thank you all for your support!
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