House Bill 123, passed last July, will go into effect on April 27th 2019. The bill passed with a 61 to 24 vote, followed the recommendations of consumer advocates and House Bill 123’s sponsors and voted to agree with the changes made by the Senate. Before the bill had passed Ohioans were able to borrow up to $5,000 and a term anywhere between 6 to 18 months. The new bill states that Ohioans are limited to a only a maximum of $1,000. The new limit loan term is only up to 12 months. Fees and interest to %60 of the loan’s original principal. It states the interest rate would be no more than %28. This bill prohibits loans under 90 days unless the monthly payment is not more than %7 of the borrower’s monthly net income or %6 of gross income. It prohibits borrowers from carrying more than a $2,500 outstanding principal across several loans. There is also a monthly maintenance fee that’s the lesser of %10 of the loan’s principal or $30. There’s a good thing about the loan if you are tired of harassing phone calls because it prohibits these calls. It gives the borrower 72 hours to change their minds about the loans and return the money without paying any fees. After the House voted, the Ohio Consumer Lenders Association released a statement saying a majority of Republicans voted against the interest of companies employing thousands. This also includes the wonderful option of being able to do a Title loans. So if you are in need of more than $1,000 from a payday loan company . You have until April the 27th to do so. This also includes the ability to refinance your open loan.