Substitute Ohio Payday Loan Bill Friendlier To Lenders

All nine opposition votes in the Senate were Republicans, including Sen. Over the past four months, it has gone from stalled for more than a year to almost watered down by the House, to suddenly passed by the House with no changes, to nearly watered down again by the Senate, to passed by the Senate with high praise from consumer advocates. Dave Burke, R-Marysville, said the bill allows a borrower to pay a loan off early, without penalty. Dave Burke, R-Marysville, said the bill allows a borrower to pay a loan off early, without penalty. The Ohio House passed the bill in June following the resignation of former Speaker Cliff Rosenberger amid an FBI probe into some of his activities, including overseas trips attended by and partially paid for by payday lending lobbyists. It also prohibits fees and interest from exceeding 60 percent of the original loan principal. The Senate vote was the latest in the surprising journey of House Bill

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Jul 31,  · A new law is going to make it cheaper to borrow money from payday lenders in Ohio, but the industry says it could cause many of . Looking to fix a failed law and address what are among the highest rates in the nation for small-dollar loans, the Ohio Senate convened a rare summer session Tuesday and passed new payday lending onlinecamadult.gq Senate vote was the latest in the surprising journey of House Bill Assuming the Ohio House agrees to the Senate's version, the estimated 1 in 10 Ohioans who take out payday loans will save $75 million a year, according to estimates. The Ohio House passed a different version of House Bill in June and is on recess at least until Sept. 19, meaning it likely will not look at the bill for months.

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