Ohio Might Rein In Payday Loan Providers
TUESDAY, THE OHIO HOUSE authorized House Bill 545 that effortlessly would cap the attention price on payday advances at 28%. The bill would also ban Internet payday lending, reduce the maximum loan size to $500 from $800, and would require mandatory counseling for consumers seeking to obtain a third payday loan within a 90-day period in addition to the rate cap.
Notably, we were surprised by the rapidity with which this proposal passed through the legislature while we were aware that payday legislation was under consideration in Ohio. For the bill to be effective, the Ohio must pass it Senate then needs to be finalized by the governor.
We don’t know whether a Senate hearing/review may trigger some revisions and/or amendments into the bill.Seguir leyendo