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: Cleveland Law Library WeblogOhio Enacts New 28% Cap on Payday Lending Rates
By Cleveland Law Library
Yesterday, Governor Strickland signed a new law, known as HB 545, that places a 28% cap on payday lending interest rates. Although the Plain Dealer reports that lenders are complaining that they will be crippled and have to close up shop as a result of the new law, the law ends the practice of charging annual interest rates as high as 391%. In the Plain Dealer article, Strickland called these high rates "exorbitant," but the law would call them usurious.
Full post as published by Cleveland Law Library Weblog on June 03, 2008 (boomark / email).
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