Search Form
First, enter a politician or zip code
Now, choose a category

Key Votes

HB 545 - Short Term Loans - Key Vote

Ohio Key Votes

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Short Term Loans

Legislation - Concurrence Vote Passed (House) (70-24) - (Key vote)
Vote Result
Yea Votes
Nay Votes
Legislation - Bill Passed With Amendment (Senate) (29-4) - (Key vote)

Title: Short Term Loans

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that creates and expands regulations relating to payday loans.

Highlights:
-Prohibits payday lenders from offering loans with annual percentage rates of more than 28 percent (Sec. 1). -Mandates that loans offered by payday lenders shall not be permitted to have a duration of less than 31 days (Sec. 1). -Prohibits payday lenders from offering loans to borrowers who have received 4 or more of such loans in the calendar year (Sec. 1). -Prohibits payday lenders from offering loans which would obligate the buyer to pay back more than $500 or that would put the buyer in debt by more than 25 percent of his or her gross monthly income (Sec. 1). -Prohibits the offering of loans via telephone, via mail, or via the Internet (Sec. 1). -Requires that each loan offered by a payday lender be accompanied by a loan contract, which includes total amounts of fees and charges, the amount and due date of each payment, a warning stating that the loan will have a higher cost than that charged by the average financial institution, and a provision offering the borrower an extended payment plan (Sec. 1). -Creates a consumer finance education board, which is charged with working towards improving the financial literacy of Ohioans (Sec. 1).
Legislation - Bill Passed (House) (69-26) - (Key vote)

Title: Short Term Loans

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that creates and expands regulations relating to payday loans.

Highlights:
-Prohibits payday lenders from offering loans with annual percentage rates of more than 28 percent (Sec. 1). -Mandates that loans offered by payday lenders shall not be permitted to have a duration of less than 31 days (Sec. 1). -Prohibits payday lenders from offering loans to borrowers who have received 4 or more of such loans in the calendar year (Sec. 1). -Prohibits payday lenders from offering loans which would obligate the buyer to pay back more than $500 or that would put the buyer in debt by more than 25 percent of his or her gross monthly income (Sec. 1). -Prohibits the offering of loans via telephone, via mail, or via the Internet (Sec. 1). -Requires that each loan offered by a payday lender be accompanied by a loan contract, which includes total amounts of fees and charges, the amount and due date of each payment, a warning stating that the loan will have a higher cost than that charged by the average financial institution, and a provision offering the borrower an extended payment plan (Sec. 1). -Creates a consumer finance education board, which is charged with working towards improving the financial literacy of Ohioans (Sec. 1).
Legislation - Introduced (House) -

Title: Short Term Loans

Sponsors

  • Christopher R. 'Chris' Widener (OH - R) (Out Of Office)

Co-sponsors

  • William G. 'Bill' Batchelder (OH - R) (Out Of Office)
  • Barbara Boyd (OH - D) (Out Of Office)
  • Armond D. Budish (OH - D) (Out Of Office)
  • Michael DeBose (OH - D) (Out Of Office)
  • Steven L. 'Steve' Driehaus (OH - D) (Out Of Office)
  • Stephen Dyer (OH - D) (Out Of Office)
  • Teresa M. Fedor (OH - D) (Out Of Office)
  • Mike Foley (OH - D) (Out Of Office)
  • Jennifer D. Garrison (OH - D) (Out Of Office)
  • Robert F. 'Bob' Hagan (OH - D) (Out Of Office)
  • Jeff Jacobson (OH - R) (Out Of Office)
  • Joseph F. 'Joe' Koziura (OH - D) (Out Of Office)
  • Tom Letson (OH - D) (Out Of Office)
  • Clayton R. Luckie (OH - D) (Out Of Office)
  • Matt Lundy (OH - D) (Out Of Office)
  • Dale A. Miller (OH - D) (Out Of Office)
  • Eugene R. Miller (OH - D) (Out Of Office)
  • Deborah A. Newcomb (OH - D) (Out Of Office)
  • Jon M. Peterson (OH - R) (Out Of Office)
  • Thomas M. 'Tom' Roberts (OH - D) (Out Of Office)
  • Michael J. Skindell (OH - D) (Out Of Office)
  • Gerald L. 'Jerry' Stebelton (OH - R) (Out Of Office)
  • Daniel 'Dan' Stewart (OH - D) (Out Of Office)
  • Vernon L. Sykes (OH - D) (Out Of Office)
  • Jeff Wagner (OH - R) (Out Of Office)
  • John Widowfield (OH - R) (Out Of Office)
  • Tyrone K. Yates (OH - D) (Out Of Office)
Skip to top
Back to top