We’re on the side of consumer choice
October 1, 2008 | COHHIO, OH CRL, Ohio, Toledo Blade, industry, industry critics, media coverage, regulation, states | Comments (0)From the Toledo Blade:
Jason Gloyd, chairman of the Coalition Opposed to Additional Spending and Taxes, or COAST, labeled the payday lending law “creepy” and “Orwellian.”
Issue 5 was placed on the statewide ballot by the payday lending industry, seeking to repeal portions of a law passed in May drastically curtailing the amount of interest lenders can charge.
Mr. Gloyd attacked provisions in the law that he said create a database of loan transactions and require people who take out payday loans to undergo education in “the government’s values.”
“The privacy intrusions implicated in Issue 5 are simply unprecedented in modern life,” Mr. Gloyd said. “After two transactions in a 90-day period they force you into a government re-education class that you have to pay for.”
A group of about 15 people, some of them employees or owners of payday lending businesses, stood behind Mr. Gloyd during his news conference, holding signs portraying the face of “Big Brother.”
Sandy Theis, a spokesman for the Vote Yes on Issue 5 committee, said the database that Mr. Gloyd cited would not be repealed by Issue 5. She said the industry tracks loans in a database now and “they have consistently allowed serious invasions of privacy.”
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