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COLUMBUS — The big, expensive fight to get rid of one of the nation's toughest payday lending laws may not get decided until Nov. 4, but a major preliminary battle will take place on Thursday, Aug. 14.

The two sides that day will go head to head over which one of them gets to ask voters to just say No.

In May, the General Assembly passed a law that slashes the permitted annual interest rate on short-term payday loans to 28 percent, down from 391 percent.

If the payday lenders don't get 241,365 valid signatures from Ohio voters by Aug. 31, the law takes effect the next day. The industry has already spent more than $800,000 and launched a statewide TV ad in a push for signatures.

In anticipation that they'll get on the ballot, the payday lenders will go before the Ohio Ballot Board on Thursday, Aug. 14, to try to craft the wording to their advantage and to get the coveted "No" side.

The anti-payday lending forces — a coalition of political leaders and advocates for the poor – will do the same.

Both sides want No because when it comes to statewide ballot issues, if voters are confused, they usually say "No thanks."

In a referendum, voters are asked if a law passed by the General Assembly should be approved.

Ballot Board member Paul Tipps, a Democrat, said the No side may not matter as much this year because the board is emphasizing clarity and brevity in how issues will be worded.

"I think a lot of the angling going on right now won't matter when they get to the board. It's gotta be clear, it's gotta be brief," Tipps said.

Voters may see as many as six statewide issues on the November ballot but the payday lending law is the only referendum. Ohioans have voted on only 11 referendums since 1857. The last was in 1997 on whether changes in the workers compensation law should be adopted.

The No side won.

Contact this reporter at (614) 224-1624 or lbischoff@DaytonDailyNews.com.