Home GOP rolls out payday-loan regs; experts state they protect bad industry

Home GOP rolls out payday-loan regs; experts state they protect bad industry

Searching for compromise payday-lending reforms, a top House policy frontrunner presented a bunch of principles Thursday, but admitted that finding contract on interest rates and charges will be a challenge.

Months ago, Speaker Cliff Rosenberger, R-Clarksville, handed the work of getting a deal on brand new payday-lending regulations to Rep. Kirk Schuring, R-Canton, the # 2 House leader and regular lawmaker that is go-to politically painful problems.

Payday-lending legislation currently exists, geared towards reducing the interest that is annual on short-term loans that will top 500 % in Ohio. But GOP leaders look reluctant to maneuver home Bill 123, a bill the politically active payday-lending industry opposes. Continue reading “Home GOP rolls out payday-loan regs; experts state they protect bad industry”