Video: HB 545 Payday Lending Legislation Signing: Opening Remarks By Chris Widener (R) District 84
| By Dave Harding, ProgressOhio - Jun 2nd, 2008 at 2:52 pm EDT |
Watch it:
Thanks to you, Ohio is putting a stop to unfair lending practices that trap borrowers in a cycle of debt.
House Bill 545:
- Caps the annual percentage rate on payday loans at 28 percent, down from the current maximum of 391 percent
- Requires that loan terms be at least 31 days
- Bans internet payday lending
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