Issue Position: Payday Lending
Issue Position
Issues: Finance and Banking
During the 132nd General Assembly we passed HB 123, a payday lending reform bill. Some of the highlights of this legislation are the following:
Closes the loophole that allowed payday lenders to charge more than 28% APR.
Caps the maximum loan amount at $1000.
Caps the maximum amount of interest and fees to 60% of the loan principle.
I voted FOR this legislation on three separate occasions: in committee, on the House floor, and again to concur with Senate amendments (see votes here: www.legislature.ohio.gov/legislation/legislation-votes).
Source