New Ohio Payday Loan Bill Near Passage

A new Ohio Payday Loan Bill will

  • bill would cap the life of a loan to one year
  • limit the amount to $1,000
  • cap the initial fee on that loan to 2 percent of any amount above $500
  • cap total fees collected at 60 percent of the principal
  • and cap monthly maintenance fees to 10 percent of the outstanding principal or $30, whichever is less.
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“Taking one side of the argument in the final version of a complex and far-reaching piece of legislation flouts transparency and is no way to enact legislation that will potentially cut off access to short term loans to Ohio residents and put hundreds of Ohioans out of work,” said Pat Crowley, spokesman for the Ohio Consumer Lenders Association.”