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Exactly about Ohio Senate passes loan bill that is payday

ACE Cash Express shop in Albuquerque, N.M. On Tuesday, the Ohio Senate adopted a bill that will reduce rates of interest and charges on pay day loans. The modifications that the Senate meant to House Bill 123 must be authorized because of the home, which adopted a version that is different of bill. (Vik Jolly/Associated Press file)

COLUMBUS, Ohio – The Ohio Senate passed a bill Tuesday afternoon that promises to rein in lending that is payday although the bill has a minumum of one more end before it might be delivered to Gov. John Kasich’s desk.

Senators voted 21 to 9 for a form of home Bill 123 that guarantees payday loan providers abide by a 28 per cent rate of interest limit for loans as much as $1,000 for as much as year.

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