Ohio update:
April 26, 2008 | Columbus Dispatch, Ohio, industry, media coverage, regulation, states | Comments (0)Saturday’s Columbus Dispatch sums up the state of play in Ohio. Here’s the meat of the article regarding the status of legislation:
Three payday-lending bills have been debated in Widener’s committee for months. He took some parts of those bills and added new wording that doesn’t change the current annual interest rate of 391 percent ($15 per $100 borrowed on a two-week loan), but lets customers extend any two-week loan by at least 60 days.
The bill would limit borrowers to holding no more than two payday loans at once, does not allow borrowers to have more than $500 total in such loans, and requires a financial-literacy class for anyone who wants to take out three loans in 90 days.
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