The House returned to session Thursday and approved major new restrictions on the short-term lenders as the FBI investigates overseas trips taken by the former Ohio House speaker with lobbyists from the payday-lending industry.
Performing on legislation the very first time since Cliff Rosenberger resigned as presenter April 12, users voted 71-16 to break straight down on which the Pew Charitable Trusts says will be the country’s greatest rates of interest on tiny, short-term “payday” loans.
“This legislation will likely not shut down payday lending in Ohio,” stated Rep. Kyle Koehler, R-Springfield, the bill’s sponsor. He stated the balance provides “common-sense recommendations to safeguard customers in Ohio who’re trying to pay the bills.”
However the politically influential payday-lending industry, which runs about 650 shops in Ohio and contains provided $1.8 million to Ohio promotions and governmental events since 2010, claims home Bill 123 will “completely expel usage of appropriate, safe, and regulated credit for lots more 1 million Ohioans.”