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Yahoo! asks, “When will ohio house bill 545 effect the ability to get a payday loan?”
May 27th, 2008 · 1 Comment
Tags: Uncategorized
1 response so far ↓
1 Glenn Burton // May 27, 2008 at 3:58 pm
IF the Governor signs the bill, my understanding is that the law will go into effect 91 days thereafter.
There is a provision in the bill for funds to be set aside by the state after 30 days, but I don’t see how that changes things.
That said, whether or not to make payday loans is up to each individual company. Some firms have already stopped making loans and fired their employees. Others will wait until the last minute.
Those of us in the industry are hoping the Governor will realize that only a tiny amount of thought and a whole lot of politics went into the writing of the terrible bill and will veto it. Then industry and government will have a chance to truly work together on a compromise bill that enhances consumer protections without bankrupting the industry, killing thousands of jobs, creating consumer hardships, and damaging an already unsteady economy.
If you are concerned please call the Governor’s office and urge a VETO so this process can start over - the right way. The number is 1-614-466-3555 or 1-613-466-2000.
Our message is please VETO the bill so that meaningful compromise can take place. There is no reason we can’t work this out for the betterment of Ohio.
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