Ohioans For Financial Freedom today launched “Rental Car.”

Renting a car can cost about $29.00 per day.  But imagine if the government required the rental company to quote an annualized cost of $10,585!

Planning a long trip? The cost for the one day rental didn’t change – it is still just $29.00.

It’s just like the government saying that a $100 emergency loan costs $391 for the entire year, when it only costs $15 for two weeks.   If you only need the loan for two weeks.—the yearly rate is absurd.  Maybe they just think we’re all stupid…..

Don’t get taken for a ride with exaggerated claims.  Preserve emergency or short term lending options for those who need them.  Vote No on Issue 5.

Ohioans For Financial Freedom introduced a television ad saying a Vote No On Issue 5 will help Ohioans keep loan choicesThe 30 second ad says:

“Washington regulators who brought us the mortgage mess — are making a mess of Ohio’s economy.”

 “And politicians are playing along.”

 “Washington regulators are forcing Ohio’s short-term lenders to calculate emergency loans over a period of a year, even though the loans are just two weeks.”

 “Using Washington’s rules, an average hotel room’s annual rate would be astronomical, even though you stayed one night in the room.”

 “In the economic storm, keep all your loan choices. Vote ‘No’ on Issue 5.”

Unemployment figures from August in Ohio were at 7.4% yet former Attorneys General Betty Montgomery and Jim Petro and candidates Mike Crites and Richard Cordray all support banning payday lending in Ohio when they know it will cost at least 6,000 jobs!  Talk about cold-hearted!  Putting your constituents out of work in an economy like this!

Watch the ad.

Text of ad:

“Ohio lost thousands of social security numbers… stolen from the back of an intern’s car.”
“Then, the Police and Fire retirement accounts were compromised by an employee.”
“Now the government has created another massive statewide database to track and limit the number of emergency loans you can take out.”
“Why would we let government get its hands on our private records…on Election Day, it’s in your hands to say ‘no’”
“Vote ‘no’ on Issue 5.”

For immediate release:

Thursday, Oct. 9, 2008

 

 

National Taxpayers Union Says Driving Ohio Payday

 Lenders Out of Business is Bad for Taxpayers

 

 

Columbus, Ohio—Ohioans for Financial Freedom today welcomed the educational efforts of the National Taxpayers Union (NTU), which recently published a guide highlighting growing public concerns over H.R. 545, the law that would effectively eliminate the payday lending industry in Ohio.  NTU is the latest in a long line of organizations that have recognized that H.R. 545 is bad for taxpayers.    

 

The NTU issued a ballot guide which says specifically:

 

–Issue #5 asks voters to approve a law that effectively puts payday lending services and their employees out of business in Ohio by making it unprofitable to offer these loans. If payday loans are driven out of existence, there could be additional political pressure to boost government assistance programs when Ohioans can no longer help themselves because the most common – and often only – method to help cover unplanned expenses has been eliminated.

 

Kim Norris, spokesperson for Ohioans for Financial Freedom, said, “We’re grateful that the nation’s most respected taxpayers’ organization is informing Ohioans about the drawbacks of Issue 5.  NTU recognizes that denying citizens financial choice ultimately hits taxpayers. “Ohioans are concerned about jobs, privacy, and access to short-term credit.   A ‘No’ vote on Issue 5 is in the best interests of taxpayers and consumers.” 

 

Join with thousands of Ohioans, consumers, businesses at www.Ohioans4FinancialFreedom.com for a Vote No on Issue 5. 

 

 

 

 

The following Facebook groups support consumer choice and continued access to credit in Ohio and Arizona.  Join the Facebook groups by clicking on the logos below. 

 

 

 

 

 

 

Don’t belong to Facebook?  You can quicky join at www.facebook.com.

Maggie Thurber does a great job speaking against Issue 5 in Ohio:

Since when is it the role of the government to track what you borrow, when and how much? Since when is it the role of government to tell you how you can use the money you borrow? Since when is it the role of the government to decide whether or not you need or should take a class in finances? Since when did Ohioans think it was okay to grant government this kind of intrusion into our daily lives?

Even if you think payday lenders should be restricted by state law to certain interest rates, how can you possible approve of giving the government such authority over peoples’ lives?

Become a supporter of Ohioans for Financial Freedom on Facebook.

COAST (Coalition Opposed to Additional Spending & Taxes) today launched a state-wide campaign in Ohio to encourage voters to “Vote NO on Issue 5 to stop our “Big Brother” State Government from tracking and regulating personal financial decisions of Ohio wage earners.”

According to COAST:

Issue 5 is a repeal of a bad and unnecessary law limiting lending choices for Ohio wage earners, according to COAST.  Even worse, the legislation that Issue 5 will repeal contains utterly Orwellian privacy violations and Soviet-style mandated state re-education camps for certain consumers.

“Anyone who cherishes traditional American liberties will be outraged when they understand what our legislature has done,” said COAST Chairman Jason Gloyd.  “This weird law takes state government to a new level of creepy interference with our lives.”

If Ohioians vote Yes on Issue 5, 6,000 hardworking payday loan employees will find it difficult to keep their lights on.  Not to mention the customers who turn to payday loans when they find that this month’s electricity bill was higher than expected. 

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