Ohio measure passes House
May 12, 2010 | Ohio, industry, regulation | Comments (4)From the story:
After a spirited debate this afternoon, the Ohio House passed a bill that would cut the fees payday lenders can charge for short-term loans.
With most Democrats joining more than a handful of Republicans, the House voted 60-37 to prohibit payday lenders from issuing checks and then charging customers to cash them, and would limit origination and credit-check fees on loans $1,000 or less to once every 90 days.
The measure now moves to the Ohio Senate for consideration.
Here’s to hoping cooler heads prevail in the Senate.
Comments»
The comments in the article show that they dont care about keeping jobs. REALLY????? you are going to wish we are all closed?? I wish you would lose your election!!!! I’ll make sure I stand right next to you in the unemployment line!!!VOTE THEM ALL OUT OF OFFICE!!!
Quote the Critic, never more
This was a money grab for the banks.Overdrafts will go through the roof,more use of overdraft protection,but the big money maker for the the billion dollar bailout babies is a familier one to payday lenders…….the payday loan!!!!!!!!! Banks are the only one to benefit from Ohio’s short term credit ban.Fifth third and U.S BANK currently offer no risk cash advances in the state and wont be effected by ANY state regulation due to the fact they operate under a federal charter..So ask yourself who benefits?Having your competition regulated out of business,and now your the only short term credit business in town…..The big winner yesterday was the biggest campaign supporters of Batchelder,Lundy,Husted and soon to be former govenor Ted Strickland…….THE BANKS………….THE MORE THEY SAY THEIR GOING TO REGULATE THEM THE MORE THEY SERVE THEM……3000 Jobs and some Moron says I hope they close tomorrow….sign of the times?
This is a bad bill. Can the CSO model work in Ohio? CashNETUSA’s looks like their operating as CSOs.
I have been saying that all along about the banks! They financed the campaigns and now they are calling in a favor again! They are all in bed with the politicians.