In a bipartisan May vote, Ohio’s House passed a bill closing loopholes in the state’s payday-loan law. In contrast, state Senate Republicans, plainly defying 3.4 million voters, are ignoring the House plan. Before the Nov. 2 election, Ohioans should ask Republican state Senate candidates if they’ll let their caucus keep siding with lenders, rather than with voters. And after the Nov. 2 election, assuming there’s a traditional lame-duck legislative session, the Senate must pass the House bill.

In November 2008, of those Ohioans voting on a statewide ballot issue, 64 percent approved a payday reform law legislators had passed earlier. Previously, annual percentage rates (APRs) on Ohio payday loans had been as steep as 391 percent. The 2008 law capped payday-loan APRs at 28 percent.

In other Ohio news, Browns looked pretty good in losing to the Ravens yesterday.

She could have just directed the individual back to the free extended payment plan at payday loan stores, but then I guess the CCCS wouldn’t have gotten its cut.  Looking out for consumers’ best interests indeed.

The intent of the reforms, however, is not to shutter all of the corner-store, fast-cash businesses. Clearly there is a need for quick short-term loan services, or payday lending would not have mushroomed into a growth industry in the state and the nation.

Intent aside, if the result is that  payday lending stores close, then it’s not “reform,”  it’s a ban.

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!!!

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.

A bill to clamp down on the fees charged by payday lenders in Ohio is headed to the full House for a vote today, despite pleas yesterday from some store owners and black community leaders who argued it would shut off needed credit.

Jamie Fulmer, director of investor relations for South Carolina-based Advance America Cash Advance Centers Inc., said the proposed bill continues to threaten the payday lending industry in Ohio.

“I’ve always advocated for operating in a regulatory environment, but I think this (and HB 545 in 2008) is a multi-layered attack to put our industry out of business,” he said. “And if they close us down, the consumers would lose access to short-term financial solutions.”

Fulmer noted that after the 2008 legislation, more than 700 “storefront” payday lending businesses closed in Ohio with a loss of more than 2,500 jobs.

Independent research validates the consumer benefits of short-term credit. Studies by the Federal Deposit Insurance Corp. and George Washington University’s business school conclude that consumers make measured decisions, weighing short-term loans against alternatives in the marketplace.

Customers choose our service because it can save them money – particularly compared with the costs of overdraft protection, unregulated offshore Internet loans, or fees associated with bounced checks or late bill payments.

House Bill 486 is a law that absolutely makes sense at this time in our state. It stops the economic predators who have found a way to take advantage of those who are the most vulnerable.

It absolutely makes sense to lose more jobs and limit access to credit for working people?