Dollar Financial to evaluate its Ohio strategy
May 15, 2008 | Ohio, industry, regulation, states | Comments (0)This statement from Dollar Finanicial, which has 1,454 stores in the U.S. and abroad, was just released:
Jeff Weiss, the Company’s Chairman and Chief Executive Officer, said, “Though we are generally supportive of sensible regulation which helps to create a fair marketplace, this decision by the Ohio Senate is an exception as the new law significantly hurts our Ohio-based customers by eliminating access to a short-term credit product This legislation denies consumers a cost effective choice for their short term credit needs and will force them into costlier bank fees and unregulated lending.”
Mr. Weiss continued, “From a business standpoint, this legislation will have minimal impact to our operations. Our total net fees from consumer lending revenue in our 21 multi-product stores in Ohio were approximately $584,000 for the third quarter of Fiscal 2008 which ended March 31, 2008, or less than 1% of our total consumer lending revenue. That said, we will continue to evaluate our strategy in Ohio on an ongoing basis, and continue to work with our customers, legislators, and other industry members to ensure that our customers have access to short-term credit solutions. Our product offerings are highly diverse and we will continue to provide a variety of alternative products such as check cashing, bill pay, Western Union services, and pre-paid debit cards.”
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