Payday lending

A photo of a Check Cashing Payday Loans storefront.
ANDY CHOW / STATEHOUSE NEWS BUREAU

The comprehensive bill that completely changed the landscape for payday lenders in Ohio will officially go into effect this weekend, nine months after it passed, giving the industry time to adjust. Supporters say the reformed short term lending industry will be a national model. 

Advocates who wanted to change the payday lending laws in Ohio said too many people were getting caught in a debt spiral, with high interest rates making it impossible to get out.

Andy Chow / STATEHOUSE NEWS BUREAU

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.

photo of FirstEnergy building
TIM RUDELL / WKSU

Here are your morning headlines for Wednesday, July 11: 

photo of Gov. John Kasich
KAREN KASLER / STATEHOUSE NEWS BUREAU

Here are your morning headlines for Wednesday, June 27:

Photo of Huffman proposing changes
KAREN KASLER / OHIO PUBLIC RADIO

A national group that says Ohio’s payday lending rates are the highest in the nation came out strongly against possible changes to a bill that would crack down on the industry. Lawmakers are suggesting a vote on the bill could come this week.

Photo of Huffman proposing changes
KAREN KASLER / OHIO PUBLIC RADIO

Some major proposed changes are coming to a bill that passed the Ohio House overwhelmingly earlier this month cracking down on the payday lending industry. Borrowers here pay an average of 591 percent annual interest, the highest in the nation. Statehouse correspondent Karen Kasler reports while one Republican senator is hoping for a compromise, supporters of Houses-passed crackdown are furious.

photo of Speaker Ryan Smith
STATEHOUSE NEWS BUREAU

After seven weeks of not voting, the Ohio House passed 17 bills and agreed with the Senate on 11 more in a single afternoon this week. It was the first session since former Speaker Cliff Rosenberger stepped down in mid April amid an FBI investigation. The House won’t be holding voting sessions next week.

When newly elected Speaker Ryan Smith talked to reporters after the House’s first voting session since mid April, he was all smiles.

“It’s good to be back to work,” he said.

photo of Ohio Legislature
JO INGLES / STATEHOUSE NEWS BUREAU

The Ohio House has passed a controversial payday-loan bill meant to close loopholes those lenders use to charge high interest rates. The vote occured as a reported probe into activities involving the former Speaker and payday lending lobbyists continues.

Republican Kyle Koehler says passage of the bill will help many Ohioans who tell him the interest they pay on their payday loans is so high that they can’t afford basics like groceries.

photo of Ohio House chambers
DAN KONIK / STATEHOUSE NEWS BUREAU

The Ohio House will meet for a full voting session Wednesday. That hasn’t happened for nearly two months. But they won’t be passing any new bills.

There are 150 bills that have passed through House committees or have come from the Senate and are awaiting a House vote. 

Kirk Schuring and Ryan Smith
STATEHOUSE NEWS BUREAU

There may be an end in sight when it comes to the House speaker impasse that’s caused dysfunction at the Statehouse. A plan has been proposed that could result in either a new speaker or an interim leader who would act as a stand-in for the rest of the year, though some Republicans oppose the idea, and many Democrats say they won’t participate in it.

What could that mean for one of the biggest issues on Capitol Square; payday lending?

photo of Loanmax building
STATEHOUSE NEWS BUREAU

A citizens group is moving forward with its attempt to put a measure on the Ohio ballot that would crack down on payday lending. They say they’re tired of waiting for state lawmakers, who are still struggling to pick a speaker so they can act on the bill.

photo of CashMax building
DAN KONIK / STATEHOUSE NEWS BUREAU

The Ohio House was forced to cancel session as Republicans failed to reach an agreement on who should be the next House speaker. The cancellation means more than a dozen bills that were set for a vote were delayed. That includes a long-drawn-out bill that would overhaul and crack down on the payday lending industry.

Photo of the committee hearing room
Karen Kasler / STATEHOUSE NEWS BUREAU

A bill to crack down on payday lending passed an Ohio House committee without any changes – a week after the House speaker resigned and a vote on it was halted. 

Rep. Cliff Rosenberger
ANDY CHOW / STATEHOUSE NEWS BUREAU

Ohio House Speaker Cliff Rosenberger's resignation is now effective immediately. Rosenberger had previously announced he would stay on the job until May 1. Rosenberger is still maintaining his innocence in the face of an FBI inquiry.

The FBI is said to be interested in Rosenberger’s international travel last year with some lobbyists connected to payday lending. 

House committee meets to discuss payday lending reform bill, HB123, as Rep. Kyle Koehler (R-Springfield) presents his proposed changes.
Andy Chow / Statehouse News Bureau

Ohio House Republicans balked at passing a bill to reform the payday lending industry just hours after the top Republican leader stepped down amid an FBI inquiry. Sources suggest that inquiry is tied to inappropriate contact with payday lobbyists. The bill was slated for a vote before some House leaders slammed on the brakes.

Photo of State Rep. Kirk Schuring
ANDY CHOW / STATEHOUSE NEWS BUREAU

The march towards reforming Ohio’s payday lending industry has experienced several shifts in momentum. Now, as it seems like the issue had stalled again, the Republican House speaker is calling in his ace to recommend changes in the bill. 

The current bill would cap payday lending interest at 28 percent. Republican Rep. Kirk Schuring of Stark County is recommending a move away from strict caps, saying they could lead to shutdowns of payday storefronts.

Photo of advocates for Payday lending reform
ANDY CHOW / STATEHOUSE NEWS BUREAU

A group is taking another swing at getting an issue on the ballot that would cap payday loan interest rates. The initiative was delayed after the attorney general’s office rejected the first set of petitions. 

Ohioans for Payday Loan Reform say they’ve looked over all the comments provided by the attorney general’s office and they’re confident that their revised petition language will be accepted.