Submitted by Steve (not verified) on July 14, 2008 - 3:08pm.
We should be thanking the Ohio General Assembly for coming together in bipartisan fashion to pass one of the best consumer protection bills in the country! House Bill 545 prohibits payday lenders from charging more than 28% APR, ending the practice of charging nearly 400% interest! This will no doubt end the debt trap for hundreds of thousands of hard working Ohioans and encourage other small loan lenders to enter the market to help provide a product that helps low-income citizens build wealth instead of taking it away.
The national payday lending lobby is hard at work spending millions of dollars to overturn the law. The lobby has already hired the Ohio Petition Company to help collect signatures for a potential referendum on the November 2008 ballot. Pass the word that this is not payday lending reform, but in fact a sly way of allowing payday lenders to continue business as usual in the state of Ohio.
Thank the Ohio General Assembly
We should be thanking the Ohio General Assembly for coming together in bipartisan fashion to pass one of the best consumer protection bills in the country! House Bill 545 prohibits payday lenders from charging more than 28% APR, ending the practice of charging nearly 400% interest! This will no doubt end the debt trap for hundreds of thousands of hard working Ohioans and encourage other small loan lenders to enter the market to help provide a product that helps low-income citizens build wealth instead of taking it away.
The national payday lending lobby is hard at work spending millions of dollars to overturn the law. The lobby has already hired the Ohio Petition Company to help collect signatures for a potential referendum on the November 2008 ballot. Pass the word that this is not payday lending reform, but in fact a sly way of allowing payday lenders to continue business as usual in the state of Ohio.