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News Now

CU System
Ohio governor signs payday lending law
COLUMBUS, Ohio (6/3/08)--A bill that would place new restrictions on payday lending in Ohio was signed by Gov. Ted Strickland Monday. The law would limit borrowers to four short-term loans per year. It also caps annual interest rates at 28%(Associated Press June 2). Payday lenders had charged borrowers $15 for each $100 on a two-week loan--an annual interest rate of 391%, the news service said. “The league continues to impress upon legislators that the mission of credit unions is separate from that of a payday lender,” John Kozlowski, Ohio Credit Union League general counsel, told News Now. “Credit unions have always focused on an overall financial relationship with their members, and the governor and the Ohio General Assembly have been receptive to our mission.”
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