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House Bill 209, a bill aimed at further limiting the payday financing industry, had been introduced when you look at the Ohio Home of Representatives on June 3. This bill, introduced by Representative Matt Lundy (D-Elyria) and co-sponsored by Representatives Foley, Murray, Hagan, Phillips, Skindell, Stewart, Harris, Fende, Newcomb, Okey, Celeste and Harwood, was designed to shut so-called “loopholes” that were presumably maybe not addressed by past tries to control payday financing.

This bill ended up being introduced precisely twelve months after the brief Term Loan Act, another lending that is payday capping interest levels at 28 per cent, had been finalized into legislation. (more…)