Anthony Riccadonna has worked at America Check Exchange in Steubenville for two and a half years, and is proud of his recent promotion to manager. But he said he'll soon be in the market for a new job.

"If I don't find something else before we do close, I will have to file for unemployment," said Riccadonna. "It is a big change in my life.”

Ohio Sen. Jason Wilson, D-Ohio, said Monday morning, Gov. Ted Strickland will pass a law limiting the interest rates payday lenders can charge on loans.

"Allowing people to the resources, to the money, but at the same time giving them the opportunity to pay bills without such high rates," he said.

Riccadonna said profits will be severely cut, employees will lose their jobs, and doors could close permanently in 90 days, when the new law would take effect.

Wilson said that was never the intention. One of the reasons he said he voted for the bill was to help stop the downward debt spiral.

"I was hoping we could find something in the middle, moderate ground, where the rate was reasonable, but maybe there would be some surcharges and things that would allow the companies to make money and keep employees."

But Riccadonna said it's not just about the employees, but also the customers, who he fears will have nowhere else to turn.

"They are good people, they don't deserve this, as well as we don't either," Riccadonna said.

Riccadonna said America Check Exchange will most likely stop lending cash in late July or early August. He said that's when they'll also start to collect their outstanding loans in preparations to close.