In shadow of FBI probe, Ohio House approves major limits on payday loan providers

In shadow of FBI probe, Ohio House approves major limits on payday loan providers
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…]