Whitehall mayor lauds brand new rules for pay day loans

Whitehall mayor lauds brand new rules for pay day loans

Whitehall Mayor Kim Maggard claims this woman is happy a brand new state legislation managing short-term loans will better protect residents, but opponents regarding the brand brand brand new legislation state it’ll further damage those that count on such loans.

Amendments within the law that is new the issuance of loans in excess of $1,000 as well as regards to a lot more than one year, based on the legislation.

A provision that is new what the law states additionally forbids any short-term loan provider from expanding loans to virtually any specific in combinations that exceed $2,500, said Ohio Rep. Kyle Koehler (R-Springfield), the balance’s co-sponsor with Ohio Rep. Mike Ashford (D-Toledo).

“This bill will not restrict the sheer number of loans (a loan provider can issue) . 继续阅读“Whitehall mayor lauds brand new rules for pay day loans”