A balanced article by Jim Siegel ran in today’s Columbus Dispatch on the best way to further regulate the payday lending industry in Ohio.
Rep. Christopher Widener is quoted calling the 391% APR a ”fictitious number” and said he is pursing a compromise bill that would boost industry regulations without cutting the rate charged to customers.
Rep. Sandra Williams, a Cleveland Democrat, is quoted saying ”I’m not real convinced that 36 percent is the best way to go.” Williams also says, “I do not want to run these people out of business” and cites concerns over lost jobs and the lack of available credit.
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