Ohio: Jamie Fulmer

More than 600 payday-lending stores have closed since lawmakers voted to end the business model that allowed them to charge the equivalent of a 391 percent annual interest rate on a two-week loan. Instead, lawmakers tried to limit the rate to 28 percent.

More than 900 payday-lending stores remain in Ohio, and some lawmakers and consumer advocates say the stores are skirting the intent of the new law by using alternative licenses to continue charging fees that bring them close to the 391 percent interest rate.

Rep. Matt Lundy expects to introduce a bill this week that would cap interest at 28 percent for all loans of up to $1,000 made for a term of three months or less, regardless of what license the lender is using.