COLUMBUS, Ohio — Governor Ted Strickland yesterday signed intolaw 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 inDurham, North Carolina, long-time advocate for anti-predatorylending laws, where policy analyst Uriah King said, “Payday loanstrap borrowers–it's that simple. Even the payday lenders admit theyneed their customers to re-open their loans many times at theseastronomical interest rates just for their business tosurvive.”
The Center estimates that enforcement of a two-digit rate willsave citizens $1.74 billion per year in fifteen states plus theDistrict of Columbia, where 33% of the US population lives.
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