Ohio House Passes Payday Lending Bill
Bill Aims To Regulate Payday Lending Industry
Thursday, May 1, 2008 – updated: 12:26 am EDT May 1, 2008
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.
Copyright 2008 by WHIOTV.com. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Ask Chef Jeff
Free Classifieds
Student Athlete Of The Week
Tame Your Credit Card Interest Today
Surviving The Economy
Celebrity Politics: Who Backs Whom?
Do You Know What Alcohol Dependence Is?
Buy It For Half
Health Connections
