From the Consumerist. All states should do the same in my opinion. If not at the state level then the FTC needs to step in and regulate these usurious lenders.

 

"Widener introduced House Bill 545, which would cap payday lending rates at 28 percent, limit borrowers to four loans per year, cut the maximum loan size from $800 to $500 and require that borrowers get at least 31 days to pay off a loan. "I'm proud of where we are at with this bill, and I think we'll have the strongest law in the country," he said. If enacted, the bill could spell the end of the burgeoning payday lending industry in Ohio, which has grown from 106 stores in 1997 to more than 1,600 today. The bill would attempt to encourage banks to participate in a new small-loan program though a partnership with the state treasurer's office." - The Consumerist

 

See also the Columbus Post Dispatch article.