This paper still exists?
November 22, 2009 | Ohio, industry | Comments (0)I thought the Cleveland Plain Dealer was going out of business. An editorial today criticizes the legislature for “lethargy” in not placing more restriction on payday lending:
Practically speaking, lenders remain able to charge outrageous APRs because the General Assembly hasn’t closed loopholes by passing a pro-consumer bill introduced June 4 by Rep. Matt Lundy, an Elyria Democrat.
What voters intended was to uphold a 28 percent APR cap on “short-term lending.”
What payday lenders did in response to that vote was to put aside their “short-term lending” licenses and get themselves licensed under Ohio’s “small loan” and “mortgage loan” laws, and keep right on charging loan-shark rates.
Yes, payday lending evolved and now operates under other Ohio licenses. The legislature looked at the economy, the number of citizens employed in the payday lending industry, and number of people who need short-term loans and came to its senses. No lethargy involved. However, the Payday Pundit will lethargically blog over the next week as he takes some time to be with his family over the holidays.
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