Payday lenders in Ohio are facing a bleak future. Tax paying businesses shuttered, leases broken, employees laid off. It’s scary how quickly the government can take one’s livelyhood away.
COLUMBUS, OH – The Ohio Grocers Association today gave its endorsement for the efforts of Ohioans For Financial Freedom to repeal section (3) of H.B. 545 saying the legislation goes too far and will hurt Ohio grocers and consumers.
“The national credit and foreclosure crisis has had a detrimental impact on our already struggling economy. While we applaud the Ohio Legislature’s intention to curb that impact, by passing H.B. 545, we do not feel that eliminating funding sources for consumers is the way to solve the problem,” said Tom Jackson, President/CEO of Ohio Grocers Association. Jackson stated that his association members’ customers who have responsibly utilized the services of the payday lending industry may have that financial option eliminated in a future financial pinch. “If payday lending businesses cease to exist in Ohio, which is likely if H.B. 545 is enacted, OGA’s members could be hurt through an increased number of bounced checks, fraudulent checks and even theft. We have many grocers who operate in underserved areas of the state, areas that could experience an even greater impact by the loss of additional lending choices, choices that should be made by each consumer, not by the government, said Jackson.”
The Ohio Grocers Association believes that the regulated, reliable short-term funding source for many Ohioans should remain intact as to prevent additional hardships on Ohio’s small businesses that they clearly don’t need –especially with the current economic challenges. The potential loss of 6,000 payday lending jobs and their loans could ultimately result in lost business for everyone in the community.