A bipartisan bill that would crack down on Ohio鈥檚 650 payday lenders has received its first hearing in the House.
A 2008 law toughened rules on payday lenders, but many of them have figured out a way to skirt that law. The Rev. Carl Ruby of the says legislation at the state level is even more important now given recent changes in Washington.
鈥淚 believe the is going to be gutted and we don鈥檛 expect any help from them. Ohio has to fix this.鈥�
is sponsoring a bill to shut down loopholes lenders are currently using to charge up to 600 percent interest per year 鈥� a showed Ohio has the highest rates in the nation. His bill would cap that interest rate at 28 percent per year.
