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13,000 signatures invalid in payday loan effort

COLUMBUS, Ohio (AP) -- Nearly 13,000 signatures have been rejected on Ohio petitions to repeal a law restricting payday loans.

Today the payday industry-backed group called Ohioans for Financial Freedom agreed to take back 12,928 signatures challenged as falsely gathered or fraudulent.

The ballot measure seeks to repeal Ohio's tough new restrictions on payday loans, including a cap on annual interest rates of 28 percent versus the current 391 percent.

Repeal backers have 10 days to get more petition signatures.

Should the issue make the ballot, a "yes" vote will uphold the new law and a "no" vote will strike down the law.

Source:
http://www.wtte28.com/template/inews_wire/wires.regional.oh/3b56b7b3-www.wtte28.com.shtml