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Key Votes

HB 123 - Amends Payday Lending Regulations - Ohio Key Vote

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Issues Related to HB 123

Stage Details

Legislation - Concurrence Vote Passed (House) (61-24) - (Key vote)
See How Your Politicians Voted

Title: Amends Payday Lending Regulations

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

Vote to concur with Senate amendments and pass a bill that amends short-term lending laws.

Highlights:

 

  • Prohibits licensed short-term lenders from making loans that have a minimum duration of less than 91 days (Sec. 1).

  • Authorizes loans with a minimum duration of less than 91 days if the monthly loan payment does not exceed 6 percent of the borrower’s monthly gross income of 7 percent of monthly net income (Sec. 1).

  • Prohibits short-term lenders from making loans that have a maximum duration of great than 1 year (Sec. 1).

  • Requires short-term lenders, for loans with a duration of 91 days or more, to determine the loan duration based on the borrower’s monthly income (Sec. 1).

  • Prohibits short-term lenders from making loans for amounts greater than $1000 (Sec. 1).

  • Authorizes short-term lenders to charge a monthly maintenance fee of $30 or 10% of the loan amount, whichever is less (Sec. 1).

  • Authorizes short-term lenders to charge a loan origination fee of 2 percent of the loan amount for loans greater than $500 (Sec. 1).

  • Authorizes short-term lenders to charge a check cashing fee of not more than $10 when loan proceeds are provided in the form of a check (Sec. 1).

  • Requires lenders to collect at least one document verifying the borrower’s income, which must be dated not earlier than 45 days prior to the borrower’s initiation of the loan transaction (Sec. 1).

  • Authorizes borrowers to cancel loans by 5 p.m of the third business day following the day the loan was made without penalty (Sec. 1).

  • Prohibits total fees and charges from exceeding 60% of the original loan amount (Sec. 1).

  • Prohibits short-term lenders from making a loan to a borrower if the loan will result in more than $2500 in total outstanding principal for short-term loans held by that borrower at any one time (Sec. 1).

  • Prohibits short-term lenders from terminating a loan before its original maturity date and demanding repayment in full in the event that a borrower fails to meet repayment terms (Sec. 1).

  • Authorizes short-term lenders to collect damages for unpaid loans in court, but prohibits such damages from exceeding the original loan amount (Sec. 1).

Legislation - Bill Passed With Amendment (Senate) (21-9) - (Key vote)
See How Your Politicians Voted

Title: Amends Payday Lending Regulations

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

Vote to pass with amendment a bill that amends short-term lending laws.

Highlights:

 

  • Prohibits licensed short-term lenders from making loans that have a minimum duration of less than 91 days (Sec. 1).

  • Authorizes loans with a minimum duration of less than 91 days if the monthly loan payment does not exceed 6 percent of the borrower’s monthly gross income of 7 percent of monthly net income (Sec. 1).

  • Prohibits short-term lenders from making loans that have a maximum duration of great than 1 year (Sec. 1).

  • Requires short-term lenders, for loans with a duration of 91 days or more, to determine the loan duration based on the borrower’s monthly income (Sec. 1).

  • Prohibits short-term lenders from making loans for amounts greater than $1000 (Sec. 1).

  • Authorizes short-term lenders to charge a monthly maintenance fee of $30 or 10% of the loan amount, whichever is less (Sec. 1).

  • Authorizes short-term lenders to charge a loan origination fee of 2 percent of the loan amount for loans greater than $500 (Sec. 1).

  • Authorizes short-term lenders to charge a check cashing fee of not more than $10 when loan proceeds are provided in the form of a check (Sec. 1).

  • Requires lenders to collect at least one document verifying the borrower’s income, which must be dated not earlier than 45 days prior to the borrower’s initiation of the loan transaction (Sec. 1).

  • Authorizes borrowers to cancel loans by 5 p.m of the third business day following the day the loan was made without penalty (Sec. 1).

  • Prohibits total fees and charges from exceeding 60% of the original loan amount (Sec. 1).

  • Prohibits short-term lenders from making a loan to a borrower if the loan will result in more than $2500 in total outstanding principal for short-term loans held by that borrower at any one time (Sec. 1).

  • Prohibits short-term lenders from terminating a loan before its original maturity date and demanding repayment in full in the event that a borrower fails to meet repayment terms (Sec. 1).

  • Authorizes short-term lenders to collect damages for unpaid loans in court, but prohibits such damages from exceeding the original loan amount (Sec. 1).

Legislation - Bill Passed (House) (71-17) - (Key vote)
See How Your Politicians Voted

Title: Amends Payday Lending Regulations

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

Vote to pass a bill amends short-term lending laws.

Highlights:

 

  • Prohibits licensed short-term lenders from making loans that have a minimum duration of less than 180 days (Sec. 1).

  • Requires short-term lenders to determine the minimum duration of a loan based on a number of months equal to the sum of the loan amount and all additional charges divided by the total monthly payment (Sec. 1).

  • Prohibits short-term lenders from making loans for amounts greater than $500 (Sec. 1).

  • Authorizes short-term lenders to charge a monthly maintenance fee of $20 or 5% of the first $400 borrowed, whichever is less (Sec. 1).

  • Prohibits the total monthly payment, including interest and fees, from exceeding 5% of the borrower’s gross monthly income or 6% of their monthly net income (Sec. 1).

  • Requires short-term lenders to collect at least one document verifying the borrower’s income, which must be dated not earlier than 45 days prior to the borrower’s initiation of the loan transaction (Sec. 1).

  • Authorizes borrowers to cancel loans by 5 p.m the following business day without penalty (Sec. 1).

  • Prohibits short-term lenders from making a loan that includes a demand that permits the lender to terminate a loan before its original maturity date and demand repayment in full in the event that a borrower fails to meet repayment terms (Sec. 1).

  • Prohibits total fees and charges from exceeding 50% of the original loan amount (Sec. 1).

  • Authorizes short-term lenders to collect damages for unpaid loans in court, but prohibits such damages from exceeding the original loan amount (Sec. 1).

Legislation - Introduced (House) -

Title: Amends Payday Lending Regulations

Co-sponsors

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