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Major changes to payday lending step closer to arriving at Ohio

Major changes to payday lending step closer to arriving at Ohio

The Ohio home voted 69-14 for a controversial bill that calls for an important crackdown from the lending industry that is payday.

“The time for reform has become,” said state Rep. Kyle Koehler, R-Springfield, whom introduced the balance in March 2017. The balance now would go to the Ohio Senate where lawmakers already are taking care of the matter.

Home Bill 123 demands shutting loopholes and:

* limiting monthly obligations to no more than 5 % for the borrower’s gross income that is monthly

* restricting fees to $20 every month or a maximum of 5 % for the principal as much as $400,

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