Yesterday, Governor Strickland signed a new law, known as HB 545, that places a 28% cap on payday lending interest rates. Although the Plain Dealer reports that lenders are complaining that they will be crippled and have to close up shop as a result of the new law, the law ends the practice of charging annual interest rates as high as 391%. In the Plain Dealer article, Strickland called these high rates "exorbitant," but the law would call them usurious.