Payday Loan Interest Rate Limit Suffers Setback

A setback for supporters of a ballot proposal that would limit interest rates on payday loans. A judge has ruled that the ballot summary and financial estimate for the initiative are “inadequate” and “unfair” and “likely to deceive petition signers.” Supporters say they plan to continue gathering petition signatures, despite the ruling. The deadline to submit petitions to the secretary of state for the measure to be placed on the November ballot is May 6th.