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 straight down on which the Pew Charitable Trusts says would be the country’s greatest interest levels on little, short-term “payday” loans.
“This legislation will not shut down payday lending in Ohio,” stated Rep. Kyle Koehler, R-Springfield, the balance’s sponsor. He stated the bill provides “common-sense directions to guard customers in Ohio that are attempting to pay bills.”
However the payday-lending that is politically influential, which runs about 650 stores in Ohio and contains provided $1.8 million to Ohio campaigns and governmental events since 2010, claims home Bill 123 will “totally expel use of legal, safe, and regulated credit for lots more 1 million Ohioans.” [Read more…]