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The Housing Research & Advocacy Center works to eliminate housing discrimination and assure choice in Northeast Ohio by providing those at risk with effective information, intervention and advocacy.
| No to legal loan sharks |
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Now that the Ohio House has - at long last - taken steps to rein in legalized loan-sharking, state senators should ignore pressure and protests from those who profiteer from the poor and act quickly to endorse payday-lending restrictions. House Bill 545, passed by a bipartisan 68-26 vote, would cap annual interest on payday loans at 28 percent. Currently, interest and fees can run as high as an annual rate of 391 percent. The legislation also would establish a minimum 31-day loan period, limit customers to four loans in 12 months, and prohibit loan-initiation fees.
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