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 Posted: Mon Dec 24, 2007 6:13 pm Subject: Ohio HB333
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Ohio legislators and AG meeting regarding pdls. I am sending all my loan info to Wm. Batchelder's office. Ohio wants to limit pdl to only 1. want to set up a plan where pdl's will be able to check to see if you have any outstanding loans. also, want to ban internet pdls. i have 4 online pdls, which i have learned from this site are illegal. i want to do all i can to stop these illegal pdl loan companies. the law is the law and i am furious that they continually break it. i have only myself to blame for the mess i have gotten my self in. i have 2 store front pdls that i am mkaing payments to, no additional interest is charged. all coming off principal. the online pdls should have to do the same. i can't understand how they continue to get away with this. i hope other ohioan's will write to Wm. Batchelder and any other states regarding online pdls. thanks for listening.
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bjpetersen2
Joined: 09 Nov 2007
Posts: 71
Debtcc Points: 1473
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Posted: Fri Jan 11, 2008 10:07 am Subject:
Latest Blog Post : You're a GENIUS! |
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Your welcome! It's what we're here for! 
_________________
My Independence Day from Pay Day Loans Was July 3rd 2006!!
~Dana
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dcashwell3
Moderator
Joined: 23 Mar 2006
Posts: 389
Debtcc Points: 5498
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Posted: Fri Jan 11, 2008 10:16 am Subject:
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I am glad to hear they want to set up a way to check for outstanding loans....but even so, right now the limit IS 1 (one) loan at a time.
| Quote: | Ohio State Information
Legal Status: Legal (Applies to check cashers only)
Citation:
Ohio Rev. Code Ann. ยงยง 1315.35 et seq.
Loan Terms:
Maximum Loan Amount: $800
Loan Term: Max: 6 months
Maximum Finance Rate and Fees: $10/$100 + 5% per month
Finance Charge for 14-day $100 loan: $15
APR for 14-day $100 loan: 390%
Debt Limits:
Maximum Number of Outstanding Loans at One Time: One
Rollovers Permitted: None (cannot refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: Bank charges (if disclosed); $20 collection charge; Court Costs; damages
Criminal Action: Not Specified
Where to Complain, Get Information:
Regulator: Ohio Division of Financial Institutions
Address: 77 South High Street, 21st Floor Columbus OH 43215
Phone: (614) 728-8400
Fax:
Regulatory Contact: Robert M. Grieser,, Deputy Superintendent for Consumer Finance
http://www.com.state.oh.us/dfi/ |
The pdl's are so greedy that they will loan to you even if you have 10 loans out.... 
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24893
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Posted: Fri Jan 11, 2008 10:36 am Subject:
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Actually, I think that means one loan per licensee.
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goudah2424
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Joined: 31 Oct 2006
Posts: 7935
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Posted: Fri Jan 11, 2008 10:52 am Subject:
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too bad it doesnt specify that....having an oversight process to prevent multiple loans would be great if it can be done. Most places are operating so illegally that they will do anything to give you the loan, even break the law.
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volleyballmom
Debt Samaritan
Joined: 27 Aug 2007
Posts: 4178
Debtcc Points: 24893
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Posted: Fri Jan 11, 2008 12:42 pm Subject:
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Its only one loan per license store in Ohio. A lot of the stores in Columbus, Ohio has stores in different names and they will send you to that store if you can not repay them back. That way you can reborrow at a different license and now they make more money off of you.
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Ryan_N
Joined: 02 Apr 2007
Posts: 280
Debtcc Points: 4427
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