Payday Pundit

re·form
/rɪˈfɔrm/ Pronunciation[ri-fawrm]  –noun
1. the improvement or amendment of what is wrong, corrupt, unsatisfactory

The Payday Pundit thinks the existing law,  full of loopholes that allow over zealous regulators to ban an industry full stop is in need of some reform.
Of course, a judge at the Maricopa County Superior Court will have the final say on that […]

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Melissa Lutz, owner of Fast Check Cash Advance in Newark, Ohio, is worried about her customers if the Ohio House legislation becomes law: 
 We have a lot of customers that are going to have nowhere to go to get short-term loans,” she said. “If our legislature will look at other states that have (capped lending rates) […]

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In this Cincinnati Enquirer story, James Frauenberg of CheckSmart puts it in perspective:
“The profit margins in this industry are already thin,” said James Frauenberg, senior vice president of Dublin-based CheckSmart, during a meeting with the Enquirer’s editorial board. “I don’t see our landlords charging us less rent, the electric company charging us less for the […]

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So says the Advertiser-Tribune.   Key passage from the editorial:
Some Ohioans might think the loss of the payday loan industry would be a good thing. But for residents who use the service, payday loans are the only way to, for example, pay for car repairs before their next paycheck arrives.
Legislators should protect consumers, but be wary […]

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That’s a direct quote from Ohio State Representive Shawn Webster who makes the important point that one industry is being singled out.  This Cincinnati Enquirer story also contains this remarkable quote: 
“Our national debt is outrageous - $124,000 for a family of four - and consumer debt is at an all-time high - $8,300 per person,” said […]

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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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