Noise is Ohio
May 3, 2010 | Ohio, industry, regulation | Comments (0)We’ve been ignoring this, hoping it would go away. From the Zanesville Times Recorder:
A group of Ohio lawmakers wants to pare down the fees payday lenders can charge their borrowers.
Rep. Matt Lundy, D-Elyria, said payday lenders still manage to take advantage of customers despite 2008 legislation that capped interest rates at 28 percent.
Lundy introduced the Small Loan Consumer Protection Act earlier this month with Rep. Gerald Stebelton, R-Lancaster. This is Lundy’s second attempt to rein in the industry. A much larger bill remains stalled in the House Financial Institutions, Real Estate and Securities Committee.
This bill, narrower in scope, was assigned to the Consumer Affairs and Economic Protection Committee, where Lundy is the chairman and six members are co-sponsors. Lundy said he is confident there will be enough votes to get the bill through the House and to the Senate.
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