Columbus, OH – At BREAD’s 2007 Nehemiah Action, 1,700 leaders kicked off a campaign to address the issue of predatory lending. BREAD’s work as part of the Ohio Coalition for Responsible Lending led to the passage of House Bill 545. This legislation caps the interest rate that payday lenders can legally charge their clients at 28% APR, a decrease of over 360% from what these lenders were previously charging. The organization has also launched a campaign to expand the use of Individual Development Accounts (IDAs) in Franklin County. On May 14, 2008, HB 545 passed with a 29-4 vote on the Senate floor, followed with a successful consensus vote from the Ohio House of Representatives. The final stamp of approval was formalized on Monday, June 2, 2008 when Gov. Ted Strickland signed the legislation, thus creating the strongest consumer protection bill in the country. The legislation was later challenged through a statewide referendum in 2008, but voters overwhelmingly decided to retain the regulation.
