Ohio & “loopholes”
May 11, 2010 | Ohio, industry, regulation | Comments (0)A story about the so-called loophole legislation in the Marietta Times:
Jamie Fulmer, director of investor relations for South Carolina-based Advance America Cash Advance Centers Inc., said the proposed bill continues to threaten the payday lending industry in Ohio.
“I’ve always advocated for operating in a regulatory environment, but I think this (and HB 545 in 2008) is a multi-layered attack to put our industry out of business,” he said. “And if they close us down, the consumers would lose access to short-term financial solutions.”
Fulmer noted that after the 2008 legislation, more than 700 “storefront” payday lending businesses closed in Ohio with a loss of more than 2,500 jobs.
Comments»
No comments yet.