Tuesday, May 20, 2008
Lending policy changes in Ohio Bill 545:
Interest rates cannot exceed 28 percent.
Loans cannot exceed $500.
Borrowers must have at least 31 days to repay.
Extended payment plans must be accessible, without extra fees or payment required before 60 days from the initial loan date.
SOURCE: State Legislature’s Web site, http://www.legislature.state.oh.us/