Cash America closing 43 sites - Business Courier of Cincinnati:

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, is reviewing its Ohio stores but it’s not readyg to announce plans here. The companuy recently laid off 20 employees at its SycamorwTownship headquarters, where it operate under the name . In August, the company took out licenses to offerf installment loans at up to 73Ohio locations. Spokesmajn Jeff Kursman said an announcementy could come within a week regarding 71 OhioCheck ’nj Go stores that employ aboutf 150 people. “Operating under the restrictionsz set forth in House Bill 545 is notan option,” Kursman said.
“We will continue to explors opportunities permitted under Ohio law to support our customers with financiaol products and to provide jobs forour associates.” The Fort Texas-based Cash America International on Wednesday said it will closer 43 Cashland shops in the coming months. The decisiom comes a day after 64 percent of Ohio voters cast their ballots in favor ofIssue 5, which supports a law that caps interesty rates payday lenders can charge customers on short-tern loans at 28 percent a year.
The paydah lending industry foughta high-profile battle to repeapl portions of House Bill 545, sayintg the interest rate cap and other limitations would drive many of them out of the Payday lenders had hoped to returb to a rate structure that allowed them to charge an annualizerd 391 percent. Cash America’s plans to closr the 43 shops – it runs about 140 in the including more than a dozeb in GreaterCincinnati – will cost 150 jobs, the compan said. Spokeswoman Mary Jackson said CashAmerica isn’t disclosing the stored to be shut until it informs workers. “Aas you can imagine, we have employeex who are very upsetright now,” she said.
Ohio’s Issud 5 passed with a 63-36 percent margin. The lending law severelyy limits the interest rates payday lenders canoffer consumers. Lenderes said passage of the interest rate cap would drivee them out ofthe state.