Key Votes
HB 545 - Short Term Loans - Key Vote
Ohio Key Votes
Stages
- June 2, 2008 Executive Signed
- May 20, 2008 House Concurrence Vote Passed
- May 14, 2008 Senate Bill Passed
- April 30, 2008 House Bill Passed
- April 29, 2008 Introduced
Family
Issues
Stage Details
Legislation - Signed (Executive) - June 2, 2008
Title: Short Term Loans
Signed by Governor Ted Strickland
Legislation - Concurrence Vote Passed (House) (70-24) - May 20, 2008 (Key vote)
Legislation - Bill Passed (Senate) (29-4) - May 14, 2008 (Key vote)
Title: Short Term Loans
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) - April 30, 2008 (Key vote)
Title: Short Term Loans
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) - April 29, 2008
Title: Short Term Loans
Sponsors
- Christopher R. 'Chris' Widener (OH - R) (Out Of Office)
Co-sponsors
- William G. 'Bill' Batchelder (OH - R)
- Barbara Boyd (OH - D)
- Armond Budish (OH - D)
- Capri S. Cafaro (OH - D)
- 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)
- Jennifer D. Garrison (OH - D) (Out Of Office)
- Ronald V. 'Ron' Gerberry (OH - D)
- Robert F. 'Bob' Hagan (OH - D)
- Jeff Jacobson (OH - R) (Out Of Office)
- Joseph F. 'Joe' Koziura (OH - D) (Out Of Office)
- Tom Letson (OH - D)
- Clayton R. Luckie (OH - D) (Out Of Office)
- Matt Lundy (OH - D)
- 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)
- Daniel 'Dan' Stewart (OH - D) (Out Of Office)
- Vernon L. Sykes (OH - D)
- Jeff Wagner (OH - R) (Out Of Office)
- John Widowfield (OH - R) (Out Of Office)
- Tyrone K. Yates (OH - D) (Out Of Office)
