Mr. Suddes,

I have 2 FTE in my location in Norwalk, but my company has 26 stores statewide
as well as stores in Iowa and Wisconsin totalling 44 in all plus a tax
preparation office in Tiffin that would also be forced to close if HB 545 is
passed. Some of our stores employee 3 or 4.

Again though, facts are facts, there are 6000+ of us employed in this state
that would lose jobs if this bill is passed. Can Ohio really afford this? Lord

knows, we have a governor that isn’t doing anything to protect jobs in this
state.

Fair APR – we already have it, 391% APR. Remember, these aren’t annual loans,
they are 2 week (maybe 3 week) payday advances. Paying back $115 is not out of

line when you borrow $100. You want to see predatory? Look at the damn gas
prices this morning less than a week after the big oil companies announced
record profits for the first quarter.

We as an industry have made it extremely clear that we are willing to work with

the state lawmakers to be regulated but let me be even more clear, a 28% or
even 36% APR is a ban on payday lending. 28% allows a fee of less than 10
cents a day, which is not enough to pay salaries and benefits, rent or other
overhead costs. We will lose money on every loan. No business, not a credit
union or a bank, not even a non-profit can lend money for less than 10 cents a
day. The Goodwill / Prospera Credit Union charges $9.90 per $100 to break
even. This equates to an APR of 252%. They are non-profit and do not pay
taxes. Even they would not be able to offer their product at 28% APR.

So, ask yourself Mr. Suddes, what is at stake? The loss of 6000+ jobs and a
regulated short term credit option. 1600 payday lending stores would close
that currently contribute 10’s of millions of dollars annually to the Ohio
economy. If this much needed industry is shut down, the ripple effect will be
felt not only by our employees and customers but by thousands of vendors,
suppliers, local business people, and the Ohio tax coffers.

Eliminating credit options only hurts consumers. Let’s put in place laws that
will help hardworking Ohioans, not hurt them by taking away choices.
Eliminating payday loans in Ohio will force our customers into more costly
(bounced check / overdraft protection / late bill payment fees), even
unregulated alternatives (offshore internet / underground).

Legislators are ignoring the only people who opinions should really matter –
those of the customers who use the service and the employees who jobs are on
the line. It’s easy for the men and women inside the capitol who have nothing
to lose to call for a ban. They have likely never used (or even needed) a
payday advance. They think they their jobs aren’t on the line, but the 6000+
of us PLUS our customers can and would be able to turn an election.

Obviously, I along with the rest of us are deeply concerned. Our income and
benefits are at risk. Thousands of employees were outside the State House the
other day showing our concern. We have reached out to representatives,
senators, and even the governor (whose office rudely hung up on me might I add)

with letters, emails and phone calls. Nearly 30,000 customers have written
letters, sent emails, and made phone calls urging legislators to vote no on HB
545 and to not take away a personal credit choice.