It’s just a matter of details now. Ohio’s payday lenders appear doomed.

The Columbus Dispatch reports today the Ohio Senate has followed the Ohio House of Representatives in approving strict new rules on the industry.

A snippet:

“I think everybody said there is just no way to redeem this product. It’s fundamentally flawed,” Bill Faith, a leader of the Ohio Coalition for Responsible Lending, said of the two-week loans. The industry “drew a line in the sand, and the legislature kicked the line aside and said we’re done with this toxic product.”

House Bill 545 would slash the annualized interest rate charged by payday lenders from 391 percent to 28 percent, prohibit loan terms of less than 31 days and limit borrowers to four loans per year. It also would ban online payday lending.

There’s going to be a concurrence review by the state legislators, but, according to the Dispach, Gov. Ted Strickland does support the effort.

And if you want to read a long, long list of government, family counseling, community action, social justice, faith-based and consumer agencies that also support this effort, go to The Ohio Coalition for Responsible Lending’s web site.