Home passes payday lending bill

Following a spirited debate yesterday, the Ohio home passed a bill that could slice the fees payday loan providers may charge for short-term loans.

With 48 Democrats joining 13 Republicans, your house voted 61-37 to prohibit payday lenders from issuing checks after which asking clients to cash them. The balance additionally would restrict credit-check and origination charges on loans of $1,000 or less to as soon as every 3 months.

The bill now would go to the Senate, where its future is confusing. Gov. Ted Strickland has called it concern legislation.

Lawmakers passed and voters overwhelmingly affirmed a legislation in 2008 interest that is limiting on pay day loans to 28 per cent, but loan providers avoided the limitation by changing lending licenses. Lees meer

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