Ohio Payday lending bill: Who wins and who loses?

[TexasTowelie]

Dozens of people – both in and outside Ohio -- worked hard for and against a bill restricting payday lending, which passed the Ohio Senate Tuesday.

House Bill 123 is poised to become law, although it still needs a final signoff from the Ohio House, which isn't meeting again until at least September. Then it would head to Gov. John Kasich for his signature.

The bill limits payday loans interest rates to 28 percent. Interest rates have no limit today because payday lenders skirted interest rate requirements from 2008 and register under a part of Ohio law that doesn’t cap interest or fees.

The Pew Charitable Trusts says Ohio's average interest rate is the nation’s highest at 591 percent, a figure the industry disputes.

Read more: https://www.cleveland.com/expo/news/erry-2018/07/02a66225119705/payday-lending-bill-who-wins-a.html

Which does the industry dispute, that the average interest rate is 591% or that Ohio has the highest average interest rate in the nation? Neither one is good.