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In shadow of FBI probe, Ohio House approves major limits on payday loan providers

In shadow of FBI probe, Ohio House approves major limits on payday loan providers

Because the FBI investigates overseas trips taken by the previous Ohio home presenter with lobbyists through the payday-lending industry, the home came back to session Thursday and authorized major brand new limitations in the short-term lenders.

Functioning on legislation the very first time since Cliff Rosenberger resigned as presenter April 12, users voted 71-16 to break straight down on which the Pew Charitable Trusts says will be the country’s greatest rates of interest on tiny, short-term “payday” loans.

“This legislation will not shut down payday lending in Ohio,” stated Rep. Kyle Koehler, R-Springfield, the balance’s sponsor. He said the bill provides “common-sense directions to guard customers in Ohio that are attempting to pay the bills.”

However the payday-lending that is politically influential, which runs about 650 shops in Ohio and it has offered $1.8 million to Ohio promotions and governmental events since 2010, states home Bill 123 will “totally expel use of appropriate, safe, and regulated credit for lots more 1 million Ohioans.”