Ohio Senator Proposes Crackdown on Payday Lenders Following Supreme Court Ruling

June 13, 2014
Plain Dealer (Cleveland) 
payday lending news
Following the Ohio Supreme Court's recent decision allowing payday lenders to continue dodging controls on the industry, state Sen. Charleta Tavares (D-Columbus) has promised a bill to end high-cost loans.

The Short-Term Loan Act, approved by voters in a 2008 referendum, bans two-week loans and limits interest and fees to no more than 28 percent; however, a loophole has allowed payday lenders to continue charging more than that. The state's high court declined to act, noting that legislators have done nothing in the past six years to correct the law's shortcomings.

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