COLUMBUS, Ohio — Governor Ted Strickland yesterday signed into law legislation that caps interest rates at 28%, joining Arkansas, New Hampshire, Oregon and the District of Columbia.
The move was hailed by the Center for Responsible Lending in Durham, North Carolina, long-time advocate for anti-predatory lending laws, where policy analyst Uriah King said, “Payday loans trap borrowers–it's that simple. Even the payday lenders admit they need their customers to re-open their loans many times at these astronomical interest rates just for their business to survive.”
The Center estimates that enforcement of a two-digit rate will save citizens $1.74 billion per year in fifteen states plus the District of Columbia, where 33% of the US population lives.
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