June 4, 2008: Major Victory Against Predatory Payday Lending in Ohio

On Monday, June 2nd Ohio Governor Ted Strickland signed one of the strongest consumer protection laws in the country. After an arduous, multi-year campaign the Ohio Coalition won legislation that caps annual interest rates on payday loans at 28%, limits borrowers to four loans per year, extends loan terms to at least 31 days, and bans Internet payday lending.
CRC extends our sincere congratulations to our allies with the Ohio Coalition for Responsible Lending for their outstanding work to end abusive payday lending practices in their state.
Ohio joins fourteen states and the District of Colombia in prohibiting small loans with triple-digit interest rates. Join us in building a movement to affect similar changes in our state!