Payday loans

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A ballot campaign has filed a legal challenge to a decision by state elections officials to reject throw out petition signatures. The suit was filed by a campaign to put a cap on payday loan interest rates in Michigan.

The move would cap such loans, known as deferred presentment service transactions, at a 36% annual interest rate. They typically equal 370%, according to the group.

Enabling organizers to start collecting hundreds of thousands of signatures to qualify for the 2022 ballot.

The petition calls for a prohibition on fees on payday loans that total more than 36% APR.

Michigan has the 6th highest need for loans in the nation. That from a WalletHub survey that looks at the Coronavirus impact on the economy of the…