Whitehall mayor lauds brand new rules for pay day loans

Whitehall Mayor Kim Maggard claims she actually is happy a state that is new managing short-term loans will better protect residents, but opponents for the brand brand new legislation say it will probably further damage those that count on such loans.

Ohio Gov. John Kasich finalized Ohio home Bill 123, an adjustment of Ohio’s Short-Term Loan Act, into legislation 29; the law became effective 90 days later, on Oct. 29 july.

Amendments into the brand new law prohibit the issuance of loans of greater than $1,000 as well as for regards to significantly more than one year, in accordance with the legislation.

A provision that is new what the law states additionally prohibits any short-term loan provider from expanding loans to your specific in combinations that exceed $2,500, stated Ohio Rep. Kyle Koehler (R-Springfield), the balance’s co-sponsor with Ohio Rep. Continue reading Whitehall mayor lauds brand new rules for pay day loans