Assistant Minority Leader Nick Celebrezze (D-Parma) today applauded the passage of House Bill (HB) 123, a bipartisan effort to enact consumer protections for the thousands of Ohioans who utilize short-term loans every day. Borrowers in Ohio currently pay some of the highest rates in the nation for payday loans, with estimated average interest rates at over 500 percent.


“Payday lending reform is long overdue, but it concerns me that it took an FBI investigation into alleged criminal corruption at the Statehouse to get this bill moving,” said Celebrezze. “Questions remain, and Ohio taxpayers deserve answers to know who is really calling the shots in Columbus.”


Under HB 123, borrowers would have more time to pay back loans, and monthly payments would not exceed seven percent of monthly net income. The bill also prohibits interest and fees from exceeding 60 percent of the original loan principal.


The bill’s swift passage comes amid allegations of corruption and criminal activity at the Statehouse. Former House Speaker Cliff Rosenberger (R-Clarksville) resigned his office in April after reports surfaced the GOP lawmaker had taken illegal money from payday lending lobbyists for overseas trips.


The FBI has since launched an investigation into the alleged activity, raiding the former speaker’s office, home and personal storage unit earlier this year. Rosenberger is the first speaker in Ohio history to resign while under federal criminal investigation. The scope of the ongoing criminal probe is not yet known


After passing the House by a vote of 60-24, HB 123 moves to the governor’s desk to be signed into law.

 
 
 
  
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House Assistant Minority Leader Nick Celebrezze (D-Parma) today applauded the passage of House Bill (HB) 123, a bipartisan effort to enact consumer protections for the thousands of Ohioans who utilize short-term loans every day. Borrowers in Ohio currently pay some of the highest rates in the nation for payday loans, with estimated average interest rates at over 500 percent.



 
 

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