Posted on 26 April 2008. Tags: Chris Widener, Columbus Dispatch, Ohio, state regulation
Saturday’s Columbus Dispatch sums up the state of play in Ohio. Here’s the meat of the article regarding the status of legislation:
Three payday-lending bills have been debated in Widener’s committee for months. He took some parts of those bills and added new wording that doesn’t change the current annual interest rate of 391 percent ($15 per $100 borrowed on a two-week loan), but lets customers extend any two-week loan by at least 60 days.
The bill would limit borrowers to holding no more than two payday loans at once, does not allow borrowers to have more than $500 total in such loans, and requires a financial-literacy class for anyone who wants to take out three loans in 90 days.
Posted in Columbus Dispatch, industry, media coverage, Ohio, regulation, states
Posted on 18 April 2008. Tags: Chris Widener, Columbus Dispatch, Jim Siegel, Ohio, Sandra Williams, state regulation
A balanced article by Jim Siegel ran in today’s Columbus Dispatch on the best way to further regulate the payday lending industry in Ohio.
Rep. Christopher Widener is quoted calling the 391% APR a ”fictitious number” and said he is pursing a compromise bill that would boost industry regulations without cutting the rate charged to customers.
Rep. Sandra Williams, a Cleveland Democrat, is quoted saying ”I’m not real convinced that 36 percent is the best way to go.” Williams also says, “I do not want to run these people out of business” and cites concerns over lost jobs and the lack of available credit.
Posted in Columbus Dispatch, industry, media coverage, Ohio, regulation, states
Posted on 15 April 2008. Tags: Columbus Dispatch, HB 333, Ohio, rate cap, Tim Grendell
From today’s Columbus Dispatch:
“If Grendell’s bill or House Bill 333 were to pass, the payday-lending industry says its more than 1,600 stores would be put out of business quickly. Under a 36-percent rate, they would be allowed to charge less than $1.50 per $100 borrowed on a two-week loan. The current rate is about $15.”
Posted in Columbus Dispatch, industry, media coverage, Ohio, regulation, states
