First round of signatures filed to put payday lending

reform initiative on November statewide ballot

COLUMBUS — February 28, 2018 -- Leaders of an initiative to put payday lending reform on the
November statewide ballot this morning turned in about 2,000 petition signatures to the Ohio Attorney
General’s Office. This is the first step to getting the measure on the ballot. Backers are pursuing this
direction because state lawmakers have not acted on reform.

The petition language calls for a constitutional amendment that would cap payday loan interest rates in
Ohio at 28%.

Nate Coffman, of Columbus, and Pastor Carl Ruby, of Springfield, filed the petitions. At least 1,000 of the
Ohio voter signatures must be validated and the Attorney General’s Office must determine that the
summary of the proposed constitutional referendum is a fair and truthful representation of the
proposed law.

The Attorney General must then certify the petition to the Secretary of State. At that point, Coffman,
Ruby and other supporters can start collecting the 305,591 valid registered voter signatures that must
be filed by July 4 in order to get the issue on the November ballot.

“These petitions, these signatures are proof that we mean business,’’ said Coffman. “It’s been nearly 12
months since a bi-partisan reform bill, House Bill 123, was introduced and the legislation has stalled ever
since. It seems like they don’t care that every day this bill doesn’t move forward, it costs Ohioans an
average of $200,000 in excessive borrowing costs, or about $75 million annually. That’s not acceptable.
And that’s why we are pushing for a ballot issue.’’

Payday lenders charge an average 591% annual percentage rate in Ohio, the highest such rate in the
nation. Pastor Ruby said that rate is ridiculous, and he is tired of seeing lenders gouge vulnerable, lower
income working Ohioans.

“It’s time for the voters of Ohio to have their say, because apparently many in the legislature are not
willing or eager to advance HB 123,’’ said Ruby. “With a few notable exceptions, they seem more
interested in placating the special interest groups who are profiting from these loans, than in protecting
the working class borrowers who are sinking deeper and deeper into debt.’’

The ballot initiative mirrors some of the reforms called for in the bi-partisan HB 123, which seeks to
establish a maximum interest rate on such loans of 28% plus a maximum monthly fee of $20.

Coffman pointed out that in 2008, Ohioans overwhelmingly voted in favor of payday lending reforms.
“Since then, payday lenders have by-passed the will of the people and state law and are charging even
higher prices,’’ he said. “That’s unacceptable, and we are certain Ohio voters will agree if legislators
themselves don’t move quickly on reform.’’

Members of Ohioans for Payday Loan Reform, a diverse statewide coalition of more than 100 individuals
and organizations that support passage of HB 123, will be asked to support the ballot initiative.
Nick DiNardo, of Cincinnati, and Michal Marcus, of Cleveland, are joining Ruby and Coffman in the push
for a November ballot vote.

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