What’s up in Ohio?
April 9, 2010 | Ohio, industry, regulation | Comments (1)This took me by surprise this morning:
Hoping to end a long stalemate on how to reduce fees charged by payday lenders, House Democrats are preparing to attack the issue from a new direction and likely send it to a more favorable committee.
Ten months ago, Rep. Matt Lundy, D-Elyria, introduced a bill that would cap the interest rate on short-term loans at 28 percent, enforcing the limit that lawmakers passed and Ohio voters affirmed in 2008. Payday lenders have avoided the interest-rate cap by switching to new lending licenses and charging a variety of fees.
The bill has remained stuck in committee, with opposition from both Republicans and some Democrats who see value in the high-interest lenders for their willingness to loan to people who otherwise lack access to credit.
Comments»
I absolutly can not believe that this IDIOT actually got someone to go in on this bill with him! I mean all he is doing is trying to add more people to the unemployment lines! Hopefully everyone VOTES MATT LUNDY OUT OF OFFICE so that he can join everyone that he is trying to send to the unemployment lines!!
Quote the Critic never more