Debt Consolidation Forums Payday Loan help forums

New Ohio Law status?

Date: Thu, 08/07/2008 05:44

Posts: 742
Credits: 0
[Donate]

I've been pretty busy recently and I've not been watching the news, does anyone know what happening here in OHIO with the new law? I think it is suppose to go into effect in just a few weeks, but I've not seen any changes around my area as far was store closing...I know they are gathering signatures but I don't know how long they have to get them. I really thought I'd start seeing "movement" by now....Reny

Add new comment

Total Replies: 17

i am in ohio...the last i heard that the language proposed by payday lending supporters was approved by the ohio house (?)...so that means if they can collect enough signatures in support, it will be put forward for ohio voters in november.

that's what the payday place i used to go to told me.

also, i have noticed that some of the stores are again accepting new customers. so it seems as if they are operating on the assumption that they will receive enough signatures and that ohio voters will keep them open.

Sub: #1 posted on Thu, 08/07/2008 - 06:14

Unregistered

from the dayton daily news....

Quote:

Payday lending law should be kept, leaders say
By Laura Bischoff | Thursday, August 7, 2008, 11:40 AM

The new payday lending law is good for consumers and should be kept on the books, according to Gov. Ted Strickland, Senate President Bill Harris and House Speaker Jon Husted.

The three political leaders said Thursday, Aug. 7, that if a referendum seeking its partial repeal makes it on the ballot, they????????ll strongly oppose it.

Strickland brushed aside cries from the payday lending industry that 6,000 good paying jobs would be lost if the law is allowed to stand.

???????We believe that is absolutely untrue,??????? he said at a Statehouse press conference. Many of the 1,600 payday lending stores have already applied for licenses to continue making loans under the new rules. The law includes a 28 percent cap on annual interest rates instead of the typical 391 percent annual rate.

Husted, R-Kettering, called small loans at 391 percent annual interest rates a ???????defective product??????? that needed to be recalled.

The law takes effect Sept. 1, unless the pay day lenders manage to collect 241,365 valid signatures from registered Ohio voters by Aug. 31. They are seeking to repeal part of the new law. The payday lenders have already spent more than $800,000 on the campaign and are expected to spend millions more.

???????We are never going to be able to match the $16 million or whatever the number is they raise but with truth on your side, that????????s worth a lot of money in my book,??????? said Bill Faith of the Coalition on Housing and Homelessness in Ohio, which lobbied for the law.

Sub: #2 posted on Thu, 08/07/2008 - 09:31

xine1977

(Posts: 20 | Credits: )

HUMMMMMM, yes I thought it should take effect within a couple of weeks...I'm so excited to see what happens.

Sub: #3 posted on Thu, 08/07/2008 - 17:26

lmale

(Posts: 742 | Credits: )

They have until the end of this month to get enough signatures for the ballot. :x

Sub: #4 posted on Fri, 08/08/2008 - 05:40

kporter90

(Posts: 58 | Credits: )

We have until the 31st to get the signatures. They will grant a stay until the 22nd of September to verify the signatures if we get enough. No doubt we will. I have faith that the people will vote for us in November!!!!!!

Sub: #5 posted on Wed, 08/20/2008 - 19:27

Unregistered

Mindy -
Have you actually read some of the posts on this site? Have you read about the agony some of these people are in? How can you come on this site where people come for help and gloat about your dream of victory? I know people I will genuinely feel sorry for if their storefronts close, but YOU will not be one of them!

Sub: #6 posted on Thu, 08/21/2008 - 11:41

kporter90

(Posts: 58 | Credits: )

Kporter, I'm so glad you said that!!!

Sub: #7 posted on Thu, 08/21/2008 - 13:34

lmale

(Posts: 742 | Credits: )

Thanks lmale. People like that really tick me off. And those unrealistic commercials they're running are a joke. That's not the face of the typical pdl borrower, nor is it the typical amount borrowed!

Sub: #8 posted on Fri, 08/22/2008 - 05:05

kporter90

(Posts: 58 | Credits: )

I've seen a few of those ads carry over into Kentucky. What a freaking joke. I hope they get defeated in Ohio and then maybe Kentucky will follow suit and cap PDL interest to 28% or so.

Sub: #9 posted on Fri, 08/22/2008 - 07:38

DOLLARSandSINCE
Moderators Cum Industry Expert
(Posts: 1078 | Credits: )

Thing is, the way the law is written, it won't do away with pdl's.

They can still charge a $10 - $15 "processing fee" per $100. All they have to do is stop doing rollovers and they can collect that fee every time.

Sub: #10 posted on Fri, 08/22/2008 - 07:40

goudah2424

(Posts: 7936 | Credits: )