Ted Strickland wants to put a 36 percent annual interest rate cap on loans made by payday lending stores. Chris Widener, R-Springfield, chairman of the House committee considering payday lending restrictions, said Friday, April 25, that he is taking a different approach. Strickland announced his position in a Friday letter to the Ohio Coalition for Responsible Lending, a group backing payday lending restrictions. Dever said that the rate cap backed by Strickland would put payday lenders out of business and “put in jeopardy 6,000 jobs in the state of Ohio. Strickland’s letter came a day after Xenia City Council voted to halt for up to a year the issuance of new zoning permits for cash advance or payday lending stories while city officials study how to strengthen regulations. read more

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