The Ohio Short-Term Lending Initiative had not been from the ballot in Ohio being an initiated constitutional amendment on November 5, 2019.
The measure will have capped interest levels on short-term loans, including pay day loans, to 28 % each year and restriction costs to $20 each month. The measure might have also necessary that cash advance lenders be certified by their state. 
Text of measure
The measure could have added a brand new area 14 to Article XV associated with the Ohio Constitution. The complete text associated with the measure can be acquired right here.
Referendum 5 (2008)
In 2008, voters authorized Referendum 5, upholding a bill to cap passions prices on short-term loans to 28 % each year. Loan providers had the ability to register under a various legislation, relating to Jackie Borchardt of Cleveland.com, and therefore go around Referendum 5.  based on the Pew Charitable Trusts, Ohio had the best typical interest that is annual on pay day loans in 2016.