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Home passes payday financing bill

Following a spirited debate yesterday, the Ohio home passed a bill that will slice the fees payday loan providers may charge for short-term loans.

The House voted 61-37 to prohibit payday lenders from issuing checks and then charging customers to cash them with 48 Democrats joining 13 republicans. The bill also would restrict origination and credit-check costs on loans of $1,000 or national payday loans locations less to when every 3 months.

The bill now would go to the Senate, where its future is uncertain. Gov. Ted Strickland has called it concern legislation.

Lawmakers passed and voters overwhelmingly affirmed a law in 2008 interest that is limiting on pay day loans to 28 %, but lenders avoided the restriction by changing financing licenses.

Rep. Matt Lundy, D-Elyria, the balance’s sponsor, urged their peers to keep in mind individuals it works for, noting that voters in 87 of 88 counties voted for the present legislation. “the individuals of Ohio have actually delivered us a crystal-clear message.”

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