Ohio House to Vote On Revised Payday Lending Bill
State representatives plan on returning to Columbus to vote on the payday lending bill. The legislation, if passed, would overhaul the way the industry is regulated in Ohio.
The Ohio Senate made a few big changes to the payday lending bill but nothing to dismay the support of consumer advocates.
The bill’s sponsor, Republican Rep. Kyle Koehler, was also happy with the changes. He said he believes they have enough votes in the House to concur with the Senate’s version.
The bill caps interest rates and fees and bases payments on a person’s monthly income.
The payday lending industry, which has a powerful lobby at the Statehouse, has knocked the bill as overregulation that would put storefronts out of business.
Supporters say this change is needed as too many people are getting trapped in debt cycles.