COLUMBUS, Ohio (AP) - Cash America International says it will close up to 139 stores in Ohio.

The announcement Thursday comes one day after the state Senate approved a bill that would ban two-week loans that support the payday lending industry. The Texas-based lender says it will stop operating in Ohio before the bill takes effect this summer.

The company didn't say how many employees it has in Ohio. In total, the payday loan business says it has 6,000 jobs in the state.

The Ohio House must approve the bill. House Speaker John Husted says he expects it to be an easy step. Gov. Ted Strickland says he supports the measure.

The bill reduces the annualized interest rates on short-term loans to 28 percent, down from the current 391 percent.
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COLUMBUS, Ohio (AP) - The Ohio Senate has passed legislation that would create one of the nation's strictest laws governing payday lending.

The bill limits borrowers to four short-term loans a year and caps annual interest rates at 28 percent.

Payday lenders generally charge about $15 for every $100 borrowed on a two-week loan, which would be the equivalent of a 391 percent annual interest rate.

Republican Senate President Bill Harris says consumers also wouldn't be able to borrow more than $500 per loan, or 25 percent of a consumer's base monthly pay - whichever is less.

Industry representatives say the legislation would put payday lenders out of business.

House lawmakers overwhelmingly approved the restrictions late last month.

The House must now approve changes made by the Senate before sending the bill to the governor for enactment.