In June 2008, customer advocates celebrated when previous Governor Strickland finalized the Short- Term Loan Act.
The Act capped interest that is annual on payday advances at 28%. Moreover it given to some other defenses in the usage of payday advances. Customers had another success in 2008 november. Ohio voters upheld this brand new legislation by a landslide vote. But, these victories had been short-lived. The cash advance industry quickly created techniques for getting round the brand new legislation and will continue to run in a way that is predatory. (more…)