State Lawmakers May Cap Payday Loans |
Friday, September 7, 2007 9:12:44 AM - Middletown Ohio |
by Alex J. Solis
A coalition of consumer advocates along with Ohio Representatives and Senators are proposing strict regulation of Ohio's payday-loans industry.
With over 1,500 payday-loans stores in Ohio, a 1500% increase from a decade ago, interest rates on loans from these stores can reach nearly 400% when calculated over a year. Ohio Rep. William Batchelder introduced a bill yesterday that would cap loan rates at 36%. Senator Ray Miller has been working with Batchelder on the issue and plans to introduce a similar proposal in Ohio's senate.
source: City Council Meeting
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