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Ohio, Arizona Payday Loan Ballot Initiatives Have Nationwide Implications

According to Joseph Coleman, Chairman of the Financial Service Centers of America (FiSCA) the outcome of payday-loan ballot initiatives in Ohio and Arizona will affect the cash advance industry in all states.

In Ohio, state lawmakers enacted legislation earlier this year imposing a 28% interest rate cap on payday loans. The law was to go into effect on September 1st but an industry led coalition, Ohioans for Financial Freedom, successfully obtained the requisite number of signatures for the payday advance issue to be placed on the ballot next month. As a result, the effective date of the law was suspended pending the outcome of the ballot initiative. The referendum seeks to repeal the section of the Ohio law which otherwise would eliminate payday advances as a viable credit option in Ohio

Similarly, in Arizona, where the payday advance law is scheduled to expire in 2010, the industry has formed a coalition, Arizonans for Financial Reform, which has proactively moved, by referendum, to indefinitely extend the law. The ballot initiative also proposes numerous industry reforms, which would benefit all consumers who obtain payday advances in Arizona.

"What happens on Election Day in Ohio and Arizona will unquestionably impact the future of the payday industry," FiSCA Chairman Coleman said in a recent letter to members. "A defeat in either or both states potentially could have a negative ripple effect on other states or even at the federal level. Whether or not you conduct business in Ohio and/or Arizona, you have much to gain or lose in the upcoming elections."

The two industry-formed state coalitions have invested heavily in both manpower and financial support to ensure positive outcomes and FiSCA wholeheartedly supports the efforts of these coalitions at this critical time. The Community Financial Services Association (CFSA) is coordinating fundraising and distribution of money for the ballot initiatives.

With less than two weeks to go before the election, Coleman says there remains a significant population of undecided voters in both states that will ultimately decide the issues at hand. "We have been advised that their research has shown that many voters are still unaware of the issues and, therefore, campaign management teams in both states have determined that advertising must be increased in the critical final days preceding the election."

FiSCA is asking companies to contribute to the ad campaign. Supporters should contact the Community Financial Services Association of America (CFSA) at 703-684-1029.
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Source:http://rtoonline.com/Content/Article