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photo of Senate Finance Committee
ANDY CHOW / STATEHOUSE NEWS BUREAU

A bill to overhaul the payday lending industry in Ohio is heading back to the House after the Senate approved the legislation with some changes. Consumer advocates are touting this as sensible reform while lenders argue this will put them out of business. 

Photo of Huffman proposing changes
KAREN KASLER / OHIO PUBLIC RADIO

A national group that says Ohio’s payday lending rates are the highest in the nation came out strongly against possible changes to a bill that would crack down on the industry. Lawmakers are suggesting a vote on the bill could come this week.

payday loans protest
ANDY CHOW / STATEHOUSE NEWS BUREAU

Community groups rallied to show their support for a bipartisan bill they think is needed to slow predatory lending in Ohio. 

The bill would cap the interest rate of payday lenders at 28 percent and close any loopholes around that cap. In spite of previous reforms, some of those loans have interest rates approaching 600 percent.

New Payday Lending Rules May Not Help Ohio

Oct 9, 2017
Taber ANdrew Bain / Flickr

New rules issued this past week by the federal Consumer Financial Protection Bureau are meant to rein in payday and auto title lenders. The rules require enhanced credit checks for some loans and cooling off periods after three loans in a row to a single borrower.

photo of Gov. Kasich rainy day funds
KAREN KASLER / STATEHOUSE NEWS BUREAU

There’s been a lot of discussion about when or if to use the $2 billion in the state’s rainy day fund. A national group has studied the impact of using rainy day funds in budget crises.

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