Ohio House Sends Payday Lending Crackdown Bill to Gov. John Kasich
In the final chapter of one of the most surprising twists of the year, the Ohio House agreed with the Senate’s changes to a payday lending overhaul and sent it to the governor’s office.
The bill had no momentum for a year, until former House Speaker Cliff Rosenberger resigned after reports of an FBI probe into his relationship with payday lending lobbyists. Rosenberger has maintained he’s done nothing wrong.
The House and Senate then passed the bill fairly quickly.
New House Speaker Ryan Smith was asked if it would’ve passed if not for the Rosenberger investigation.
“I don’t know, I don’t want to speculate on how we got here. The point is we just made things a lot better for consumers in Ohio,” he said.
The bill caps all interest and fees at 60 percent and sets lower loan payments based on a borrower’s monthly income. No word yet on whether Gov. John Kasich will sign it.