CUYAHOGA FALLS — City Council on Monday night unanimously approved legislation backing a bill to put a limit on interest charged by payday lenders.
The resolution passed by Council expresses support of Ohio House Bill 123 which would “close an existing loophole and cap the annual interest rate for payday loan lenders,” according to the piece's language. The resolution is also intended to urge the state legislature and Gov. John Kasich to support HB 123.
“I want to thank the administration and members of Council for standing against greed and usury that enslaves many of our citizens,” Councilman Vic Pallotta (R-3) remarked prior to voting.
Jerry James (D-7), in turn, said, “I just want to once again thank Mr. Pallotta for all of his efforts in this. He spearheaded this awhile back and we've supported him all this while.”
Initially, the resolution was presented by the administration and Pallotta. Following its introduction on April 10, the other 10 members of Council added their names as sponsors.
See the April 30 edition of the Cuyahoga Falls News-Press for the complete story.