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

Ohio Gov. John Kasich finalized Ohio home Bill 123, an adjustment of Ohio’s Short-Term Loan Act, into legislation July 29; regulations became effective 3 months later on, on Oct. 29.

Amendments in the law that is new the issuance of loans greater than $1,000 as well as regards to a lot more than one year, in accordance with the legislation.

A brand new supply in what the law states also forbids any short-term lender from expanding loans to virtually any specific in combinations that exceed $2,500, said Ohio Rep. Kyle Koehler (R-Springfield), the bill’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) . it just limits how many loans that can be built to the exact same person,” Koehler said.

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