Progress Ohio | Dave Harding's Blog: Video: HB 545 Payday Lending Legislation Signing: Remarks By Governor Strickland And The Official Bill Signing

Video: HB 545 Payday Lending Legislation Signing: Remarks By Governor Strickland And The Official Bill Signing

By Dave Harding, ProgressOhio - Jun 2nd, 2008 at 3:22 pm EDT

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Categories: Progress Ohio Announcements, News, Featured

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/strong>

Requires that loan terms be at least 31 days

Bans internet payday lending

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I love Ted ; )

By OHliz Jun 2nd 2008 at 4:41 pm EDT

This and a Cornhole Tournament!

Usury

By OHliz Jun 2nd 2008 at 5:35 pm EDT

Every small town in Ohio seems to have a payday loan-type business or two these days. I hope the owners of these businesses won't abandon their communities and can adapt to this new law.

Payday Loan HB 545

By User from Cleveland, OH Jun 3rd 2008 at 8:45 am EDT

Although this bill seems good to stem the tide of outragious fees by such businesses, it should have addressed the outragious fees that banks charge for some of their "dealings" such as overdrafts. Not only are the fees outragious...they seem to time the fee posting to compound them so an already outragious $40 fee can easily turn into $80, $120, etc.

I found myself short about $40 to $50 in my checking account one time and took a payday loan out for $100 to cover it. The $15 fee on this is much better than the $40+ I may have encountered from the bank if the account got overdrawn!

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