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

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

Interested in compromise payday-lending reforms, a top House policy frontrunner laid out a number of ideas Thursday, but admitted that finding contract on rates of interest and costs could be a challenge.

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

Payday-lending legislation already exists, geared towards reducing the yearly rates of interest on short-term loans that will top 500 per cent in Ohio. But GOP leaders look reluctant to move home Bill 123, a bill the payday-lending that is politically active opposes. Some Republicans state it really is too prescriptive.