Ohio acton?
October 29, 2009 | Ohio, industry | Comments (2)This is on the agenda of the Ohio legislature:
HB 325 PAYDAY LENDING (Yates) — To repeal the Short-Term Loan Act and to prohibit payday lending by entities other than traditional financial institutions.
Comments»
Who gets to define what is a “Traditional Lending Institution?” How do I start a “Traditional Lending Institution?” Can I then get a special “Traditional Lending Institution License?” Will there be a new “Bureau of Traditional Lending Institutions?’
A “traditional lending institution” is any lending company that pads anyone in the gov’t ’s pockets. Unfortunantly our industry isn’t traditional because we help pad the pockets of the ones that really need it, short term, OUR CUSTOMERS.