Home Bill 209, a bill aimed at further limiting the payday lending industry, ended up being introduced within the Ohio Home of Representatives on June 3. This bill, introduced by Representative Matt Lundy (D-Elyria) and co-sponsored by Representatives Foley, Murray, Hagan, Phillips, Skindell, Stewart, Harris, Fende, Newcomb, Okey, Celeste and Harwood, is made to shut so-called вЂњloopholesвЂќ that were presumably maybe perhaps maybe not addressed by past tries to manage payday lending.
This bill had been introduced precisely twelve months after the brief Term Loan Act, another payday financing bill capping rates of interest at 28 %, ended up being finalized into legislation.
As the brief Term Loan Act permitted loan providers to decide on whether or perhaps not to use underneath the Act, payday lenders trying to stay static in company declined to conduct business beneath the Act and started running underneath the Small Loan Act and home loan Act. The bill seeks to impose the fee and interest limitations included in the brief Term Loan Act in the loan providers whom opted in order to make loans under these other laws and regulations.
The new bill, which includes amendments to the Small Loan Act, Mortgage Loan Act, Check Cashing Act, Consumer Sales Practices Act and Civil Interest statute would do the following if signed into law