Payday Pundit

The Phoenix Business Journal reports that “200isNoReform.com” is now “Arizonians for Responsible Lending,” yet another branch of the Center for Responsible Lending and is working to strip Arizonians of their financial choices by capping payday lending at a 36% annual interest rate. The Payday Pundit has said it once and will probably have to say […]

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Saul W. Adelman, Associate professor of finance at Miami University  in Oxford, Ohio has this to say in a letter to the Columbus Dispatch.
Ohio House Bill 545, which is headed for debate in the Ohio Senate, should not be approved. This bill, which would cap the annual interest rate for payday loans at 28 percent, […]

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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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The Ohio Senate Finance Committee is holding a hearing on payday lending legislation.   Senator Joy Padgett just said, “Let’s not pull the rug out for underneath the customers.”   Representative Chris Widener said that all problems could be solved if we limited loans to 25% of a person’s pay.  Widener, however, supports a 28% rate cap. 

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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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Here is a complete text of a letter to the editor in today’s Cincinnati Enquirer:

PAYDAY LENDERS PROVIDE NEEDED SERVICE
The front-page headline “Bill would crimp payday lenders” (May 1) was wrong; it should have read “Bill would kill any option for payday loans for people who need them.” Our government representatives are again protecting us from […]

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Media advisory: 
STATEHOUSE RALLY TO SAVE PAYDAY LENDING JOBS
Leaders of Ohio’s payday loan industry, along with hundreds of employees and customers, will hold a rally on Tuesday, May 6 at the state capitol.
They will call on Senators to reject House legislation which caps the annual interest rates on payday loans at 28% — eliminating the industry […]

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This Columbus Dispatch story has more information than the Cleveland Plain Dealer story below.  Key passage:
After months of debate over bills that were backed by either the payday industry or consumer advocates, the proposal that passed the House 69-26 is a victory for the Ohio Coalition for Responsible Lending, which pushed to lower the current […]

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The jobs of more than 6,000 Ohioans are on the line as the Ohio House passed a bill imposing a 28% annual rate cap on loans, essentially a $1.08 fee per $100 loaned.   Here is the Cleveland Plain Dealer story.  The bill now goes to the Senate where half the Senators are in support of a 36% […]

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According to a new poll by Center for Consumer Freedom, only 10% of Ohioans say they would make loans at the 36% or 28% rate cap proposed by Ohio legislators.      From the news release:
When asked how much they would charge a complete stranger who wanted to borrow $100 for two weeks, just nine percent of […]

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