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Zer Netmouse
February 3rd, 2009
07:12 pm

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Do You Believe in Usury?

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From:kenllama
Date:February 4th, 2009 12:34 am (UTC)
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more precisely on the last question: i know that there are some laws in effect here, but i don't know enough specifics to answer any way other than "i don't know". i do know that the "payday loan" places were until recently exempt from the usury laws, though. (we had a ballot measure to change that in november; i don't know when it takes effect.)
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From:netmouse
Date:February 4th, 2009 12:45 am (UTC)
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According to some quick reading I've done this evening, Ohio has a 21% interest rate cap - loans with higher interest rates cannot be pursued legally in Ohio, *unless* the bank issuing the loan is not located in Ohio and only the borrower is (i.e. most credit card companies), or the lending institution is exempt from usury laws according to the federal law I mentioned that went into effect in 1980.
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