Ohio is about to legislate some 1600 so-called Payday lenders, employing some 6000 workers, out of business.

Highlights of House Bill 545, which passed the Ohio House yesterday and now moves to the Senate:

• The annual interest rate would be capped at 28 percent (down from current 391 percent). Additional fees would be prohibited.

• A person could not borrow more than $500, or 25 percent of the customer's base monthly income. The current rate is $800, with no income check.

• Loan terms would have to run at least 31 days. Current loans are usually two weeks.

• A borrower would be allowed four payday loans per year. There's no current loan limit.

• Internet payday lending would be banned, and illegal out-of-state lenders would have no access to Ohio small-claims courts.

Meanwhile, for local loan sharks in the 'hood, good times they are a comin'!