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 Posted: Wed May 28, 2008 2:13 pm Subject: Ohio News |
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Cashland just told me Gov Strickland is going to veto the bill and it will go on the November ballot.
Says the Governor's office was over run with phone calls and e-mail complaints
Has anyone else heard this?
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lala
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| Posted: Wed May 28, 2008 2:50 pm Subject: |
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This is as of yesterday:
Post from Dave Harding's Blog:
Send Your Comments To Governor Strickland For Delivery At The Payday Lending Legislation Bill Signing
By Dave Harding, ProgressOhio - May 27th, 2008 at 1:05 pm EDT
Comments | Mail to a Friend
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Categories: Action Alerts, Progress Ohio Announcements
You signed petitions. You wrote letters to the editor. You contacted your Ohio Senators and Representatives. You testified in hearings at the State House.
YOU PASSED PAYDAY LENDING LEGISLATION, AND THIS WEEK GOVERNOR STRICKLAND WILL SIGN IT INTO LAW.
Thanks to you, Ohio is putting a stop to unfair lending practices that trap borrowers in a cycle of debt.
How does it feel to be part of history?
Click here to share your thoughts.
Progress Ohio is compiling comments from the activist community - we'll share them with Governor Strickland before the signing ceremony.
House Bill 545:
Caps the annual percentage rate on payday loans at 28 percent, down from the current maximum of 391 percent
Restricts borrowing to four times per calendar year
Requires that loan terms be at least 31 days
Bans internet payday lending
The Ohio legislature was under heavy lobbying from the Payday Loan Industry, but YOUR voices were stronger.
Thanks for all your hard work.
You shaped history!
Click here to send a message to Governor Strickland
Brian Rothenberg
Executive Director
ProgressOhio.org
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wagatail1969
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| Posted: Wed May 28, 2008 3:25 pm Subject: |
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Yes, this is true . . . . In the payday loan news forum I just posted an article today talking about how he's had it on his desk for too long and odds of him singing it into law are slim to none . . .
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goudah2424
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| Posted: Wed May 28, 2008 3:26 pm Subject: |
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May 27, 2008
Strickland Holds Out
Governor Ted Strickland has not, to date, signed the bill that would pretty much ban payday loans in Ohio. Friends and foes of cash advance lending alike have been waiting breathlessly for a decision from Columbus regarding the fate of H.B. 545, and are becoming increasingly frustrated as they enter their third week with no word. Strickland’s hesitation in signing or vetoing the prohibitive interest rate cap on fast cash loans into law has given rise to non-stop speculation about and dissection of the matter by pundits and amateurs alike
The most important aspect of H.B. 545 is, of course, the twenty-eight percent cap on annualized payday loan interest rates. At that figure, cash advance lenders would not be able to feasibly carry on business, and would have to close. Fast cash loans in Ohio currently carry price tags of fifteen dollars per one hundred borrowed on a two-week personal loan. The cap would reduce that to just under one dollar and eight cents per one hundred borrowed. Already, many payday lenders in the Buckeye State have already made public their plans to shutter storefront outlets, should the bill be signed into law.
Strickland had aggressively campaigned for reform of the cash advance lending industry, and had indicated through his office that he wanted to see a regulatory bill pass the Legislature. His newfound reticence in making the new restrictions official is undoubtedly the product of industry supporters’ ceaseless efforts to derail the prohibition by persuading the Governor that such a measure is not in consumers’ best interests.
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goudah2424
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| Posted: Wed May 28, 2008 3:31 pm Subject: |
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I will also say that there is also info suggesting that the bill will be signed this week . . .
When Oregon passed it's payday loan legislation, the Gov here signed it right away . . . . . He didn't sit on it for 3 weeks . . . .
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goudah2424
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| Posted: Wed May 28, 2008 3:34 pm Subject: |
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well it hasn't really been 3 weeks. The final house vote was just on the 21st, which covered the amendments that the senate suggested. They said it would be signed this week sometime, don't forget Monday was a holiday, so it could still get signed, I hope....
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lmale
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| Posted: Wed May 28, 2008 3:38 pm Subject: |
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The bill just passed on the 21st of May so it has nnot been sitting on the gov's desk for 3 weeks! And there have been more pressing matters going on here i Ohio - like the scandal in the Attorney Generals' Office and Marc Dann resigning! What with the holiday and appointing and swearing in an interin ag I think that Strickland has been quite busy. The bill was not to be scheduled to be signed until this week at any rate and in case you haven't noticed the site where you got the info is very pro pdl!
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| Posted: Wed May 28, 2008 7:44 pm Subject: |
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At the risk of starting a riot, I must say, that I was one of those people writing to the governor . . . .the way this thing is going down (90 days) it is not enough time for people to get their dung together, if they are in multiple pdl hell.
Don't get me wrong. I wish I would have never started this merry go round. I agree there does need to be reform, but there also needs to be an reasonable exit strategy. 90 days is not it. This is something that the lawmakers have not taken into consideration, probably because they have never had to.
I was shocked when I heard he may veto the bill, because I know he was hugely responsible for the fast track it took. I hope he does veto the current form of the bill, unless he can add time to the effective date.
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| Posted: Wed May 28, 2008 8:06 pm Subject: |
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Don't worry, If he does sign it and all the pdl (legally regulated)storefronts pack up and leave you will still have the unregulated internet pdl sites to borrow from.
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toddms
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| Posted: Thu May 29, 2008 10:06 am Subject: Ohio News |
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That thunk heard 'round the world just now was my stomach! Lord I hope he signs this! I'm on dispatch.com every day looking for news. I didn't hear about the possible veto. NOw that the interim ag is in and some other guy selling illegal osu tickets or whatever has resigned, he can sign the bill!!!
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kporter90
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| Posted: Thu May 29, 2008 1:02 pm Subject: |
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Hopefully he will sign it soon or veto it. Who knows with all the problems they been having. Seems like every other day we hear something about Ohio Politicians.
Toddms- Internet payday loans would be illegal if this passes and I wouldn't recommend loaning to an Ohio resident then. The contract would be null and voided and good luck taking a Ohio resident to court.
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Ryan_N
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| Posted: Thu May 29, 2008 3:11 pm Subject: |
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I don't think anything is final yet. I saw this on the dispatch today.
Payday-lending chains to close central Ohio locations
Thursday, May 29, 2008 4:43 PM
THE COLUMBUS DISPATCH
The National Check Cashers and Always Payday locations in central Ohio will be closed and their employees laid off, the chains’ management company said in a filing with the state this week. The closings are expected to be made final in August.
A total of 34 locations, 17 operating under each name, will be affected. An official of BizCorp said more than 100 employees will be laid off but declined to be more specific.
In its letter to the Ohio Department of Job and Family Services, Dublin-based BizCorp attributed the closings to the state’s new payday-lending legislation. That caps annual percentage rates of loans at 28 percent.
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Ryan_N
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