Daniel Feehan of Cash America says the Ohio bill calls for an annual rate cap of 28 percent, which is not economically feasible for store front providers of small short-term loans.
If the measure had been voted down Tuesday, limits and caps on interest rates would have been cut, allowing lenders to charge rates and fees that amount to a 391 percentage annual percentage rate.
Under the new law, the fee charged on a $100 two-week loan is now reduced to $1.08, less than 10 cents a day.
"There is no way to sustain a viable store front business by offering small, short-term unsecured consumer credit at this rate," said Feehan, in a statement.
Cash America plans to book $2.5 million in charges for the closings but said that will not affect its prior profit forecast.
Analysts expect earnings of $3.11 per share for 2008 and 2009 earnings of $3.40 per share.
Currently, Cash America operates more than 900 stores across the country.