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House passes lending bill that is payday

House passes lending bill that is payday

The Ohio House passed a bill that would cut the fees payday lenders can charge for short-term loans after a spirited debate yesterday.

With 48 Democrats joining 13 Republicans, your house voted 61-37 to prohibit payday lenders from issuing checks after which charging you clients to cash them. The balance also would restrict credit-check and origination costs on loans of $1,000 or less to when every ninety days.

The bill now would go to the Senate, where its future is not clear. Continue reading House passes lending bill that is payday