COLUMBUS, Ohio -- The controversy over payday loans is heating up again, and this time, the issue may be going to the ballot.

Payday loan companies are taking their case directly to the voters.

State lawmakers passed new restrictions on payday lenders, and now the companies are firing back as they are challenging the law on the ballot.

The new law limits the interest rate for payday loans to 28 percent and limits the number of loans a consumer can get. That number is limited to four a year.

Payday lenders said they are just trying to stay in business. There are more than 1,600 stores across the state with a lot of jobs on the line.

News Center 7’s Jim Otte said, “Payday lenders said they did not get a fair hearing up at the statehouse, but the sponsor of the bill from Springfield said that is not the case.

The payday industry has already filed the first round of petition signatures with the state. Their plan is to put the issue on the statewide ballot in November.

And, if the payday industry is successful, voters will make the final decision.

Source :: whiotv.com