Payday Pundit

This article gives a good update on the status of legislation in Ohio.  Key passage:
It’s the Senate committee’s third hearing on the issue, with a fourth hearing on the schedule for Wednesday afternoon but no testimony scheduled.
The House bill included not only the interest cap but also a limit of four payday loans per year […]

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This letter in the Steubenville Herald Star gets right to the point:
The payday lending legislation approved by the House of Representatives hurts Ohio’s workers, consumers and the economy.
Let’s be clear: A 28 percent annual rate cap is a ban on payday lending. A 28 percent APR cap allows a fee of less than 8 cents […]

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So says State Rep. John Domenick in today’s Herald Star.
“The reality is, payday loans are an unfortunate necessity for many Ohioans,” Domenick said. “Many people cannot make ends meet living from paycheck to paycheck. Job losses and the failed economic policies of the Bush administration have put an increasing number of people in this situation.”
Domenick […]

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