Fixing payday-loan law is legislators' job.

The Ohio Department of Commerce told state legislators yesterday that if they think there is a problem with new payday lending regulations, the fix needs to come from the General Assembly.
Some had hoped that the commerce department, which regulates the payday lending industry in Ohio, could act on its own to stop payday stores from charging higher rates for short-term loans than was envisioned last year under the state's new payday lending law. House Bill 545 capped the annual interest rate at 28 percent.
Lenders are getting around the new law, which was affirmed overwhelmingly by voters in November, by offering short-term loans under Ohio's Small Loan Act. Many are then adding fees for credit checks or for cashing the check they just issued, raising the cost of the loan closer to the 391 percent interest rate that the General Assembly tried to eliminate.

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