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Ohio House to vote on new payday lending limits


COLUMBUS — The Ohio House is set to vote on a bill backers say would close loopholes in the state's crackdown on payday lenders.

A law voters approved in 2008 put a 28 percent cap on the interest charged for the industry's short-term loans. Since then, payday lenders have drawn criticism for issuing checks instead of cash and charging check-cashing fees if customers want cash when they leave the store.

The bill approved by a 7-6 House committee vote on Tuesday and expected to come before the full House on Wednesday would end the check-cashing fees and put limits on others, such as fees for assessing a customer's creditworthiness.

Republican Rep. Kevin Bacon was among those opposing the measure in committee, arguing it would kill the short-term lending market.

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