Posts Tagged 'Second Mortgage Act'

Short-term loan act was smoke and mirrors

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Two weeks ago, the Ohio Supreme Court decided in Ohio Neighborhood Finance, Inc., v. Scott that lenders are not obligated to make payday loans under the Short-Term Loan Act, which restricted fees, and instead may lend under the Small Loan and Second Mortgage Acts, which permit significantly higher fees. The Short-Term Loan Act was passed for the supposed purpose of controlling payday loans, but not one loan has been made under the 2008 law.

The problem is, as the court concluded, ...

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