From the AP:
COLUMBUS, Ohio (AP) — Democratic Gov. Ted Strickland and Republican legislative leaders will fight an effort by payday lenders to repeal restrictive caps on the short-term loans they offer.
Strickland, Senate President Bill Harris and Speaker Jon Husted (HYOO’-stehd) will serve as honorary co-chairs of a campaign fighting the repeal of Ohio’s new payday lending law. The law restricts annual interest on such loans to 28 percent, versus the 391 percent charged today, and limits consumers to receiving four such loans a year.
The repeal has not yet qualified for the Nov. 4 ballot. Signatures are due Aug. 31 and the industry plans an aggressive campaign for the repeal. Spokeswoman Kim Norris said the bill took away consumer choice and will cost the state most or all of the industry’s 6,000 jobs.
Kim Norris is on-point as usual — the law in Ohio will kill jobs and rob citizens of a financial choice. And critics, as usual, refuse to explain that the “outrageous” APRs they quote are being applied to two-week loans. The Payday Pundit thinks this announcement shows the opposition in Ohio is getting nervous…
4 responses so far ↓
1 A Hazlett // Aug 7, 2008 at 11:00 am
Why don’t the Governor do what he is supposed to do and that is run the State of Ohio. He has no business getting involved in this when Ohio is devastated with one of the worst economies in the US. Get out and help the businesses stay in Ohio and quit finding ways to destroy the ones that haven’t left yet.
2 A Hazlett // Aug 7, 2008 at 11:29 am
What does it say when the Governor spends tax payers time and money to fight a cause that over 500,000 people use in Ohio and 50,000 people told him they needed and wanted and he ignored them all!
3 Neal // Aug 7, 2008 at 1:20 pm
The nervous group seems to be the one spending millions of dollars on a campaign to get this issue on the ballot. No?
4 A Hazlett // Aug 7, 2008 at 3:48 pm
Why wouldnt we spend whatever it takes when your life savings is on the line and the government is attempting to take it all away? How much do you think Obama and McCain are spending? The effect of this is Ohio is well over 250 Billion. Its worth a few million to save it!
The average person that doesnt use or hasnt ever used a payday loan has no idea what this business is all about.
Leave a Comment