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House GOP Taking Serious Look At Payday Lending Bill

Supporters of the payday lending reform bill rally at the Ohio Statehouse.
Supporters of the payday lending reform bill rally at the Ohio Statehouse.

After months of sitting in limbo, a House bill to crackdown on skyrocketing payday lending interest loans might see some movement. The next step is to evaluate the lasting outcomes.

In spite of previous reforms, some payday loan interest rates have approached 600%. A bill that would cap rates at 28% got its first committee hearing last week. 

Republican House Speaker Cliff Rosenberger says there are some sticking points to work out.

“Still talking about the interest rates, talking about areas where third parties want to come in and of course maybe assist in paying off a loan and making sure those get processed in a way, those are all conversations and there’s many more that continue to happen.”

Rosenberger says they may include limiting the interest rates for auto title loans.

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