New regulations may be coming for consumer loans in Ohio

By Laura A. Bischoff and Jim Otte – Columbus bureau

Columbus —State Sen. Louis Terhar, R-Cincinnati, pitches the new “Consumer Installment Loan Act” as a way to modernize Ohio’s banking and lending laws and give borrowers and lenders alike more clarity.

But Kalitha Williams of Policy Matters Ohio, a liberal leaning think tank, sounds a warning bell, telling lawmakers that the act will lead to higher fees, exploitation and a loss of legal protections for consumers.