Payday lenders outspent victors in election


December 13, 2008 at 12:00a.m.

COLUMBUS (AP) — Payday lenders lost a ballot fight to overturn tough restrictions on the interest rates they can charge customers despite outspending the opposition by about $17.6 million.

According to final campaign finance reports released Friday, the Reject House Bill 545 Committee spent $18.1 million. The opposition spent just $446,000.

Voters upheld a new law that cuts the interest rate that payday lenders can charge from an average 391 percent annual rate to 28 percent.

A political action committee supporting a failed constitutional amendment for a $600 million casino in southwest Ohio was outspent by $35 million.

2008, The Associated Press. All Rights Reserved.