COLUMBUS, Ohio -- Payday lenders across the Miami Valley are in for some big changes.

On Wednesday the Ohio House passed tough, new regulations aimed at the payday lending industry.

The bill, introduced by Rep. Chris Widener of Springfield, would put a 28 percent cap on interest rates for payday loans. It would also reduce the maximum loan amount and extend the loan repayment period.

Some argue these regulations will put the industry out of business and cost the state thousands of jobs.

The bill now heads to the state Senate.