12/06/2012: State appeals court restricts payday lenders’ interest rates

Back

Payday lenders cannot use Ohio’s mortgage lending law to evade the state’s 28 percent interest rate cap on short-term loans, an appeals court said on December 3 in a case that’s been closely watched throughout the state.

The 2-1 decision by the Ninth District Court of Appeals “makes it crystal clear that these lenders cannot make loans in a way that nullifies the state’s short-term lending act,” said Julie Robie, managing attorney of the Legal Aid Society of Cleveland, which filed a friend-of-the court brief in the case.

Click here to read the full story from The Cleveland Plain Dealer.

Additionally, The Plain Dealer issued an editorial on 12/5, highlighting how “Payday lenders deservedly lose on appeal.”

Also on 12/5,   the payday lender Cash America said it would issue refunds to 14,000 Ohio customers it had sued for past-due loans because of “technical errors” in legal documents.   The announcement comes on the heels of Monday’s decision by the Ninth District Court of Appeals that Cash America’s Ohio division, which does business here as Cashland, improperly made payday loans under the state’s mortgage lending act.   Click here to read this full follow-up story.

2012
News
photo
The Legal Aid Society of Cleveland is proud to be a community partner sponsor of the 36th Cleveland International Film Festival
Join Legal Aid in a screening of the film "Give Up Tomorrow"- a documentary drama about the importance of fairness in a judicial system.

Read More

Learn more about Legal Aid.

photo
Volunteer Profile: Bob Mann, Esq.
Through 2012, Mr. Mann has handled 20 pro bono foreclosure cases referred from Legal Aid.

Read More

Learn more about volunteering with Legal Aid.

photo
In Memory of Claire Cloud
Her office in Legal Aid's Painesville Office was an island paradise...It was serene. It felt happy. It was fun. It was Claire.

Read More

Click here to give a gift in memory of Claire.

photo
Legal Aid Partners with Squire, Sanders & Dempsey to Help Domestic Violence Survivors
Representing clients who have been subjected to violence in their homes is challenging for any attorney. Squire Sanders' enthusiasm to partner with Legal Aid to respond to this challenge is inspiring. Colleen Cotter

Read More

Learn more about domestic violence.

  • photo1
  • photo1
  • photo1
  • photo1