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
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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
Quote:
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
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Sub: #3 posted on Thu, 08/07/2008 - 17:26
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Sub: #4 posted on Fri, 08/08/2008 - 05:40
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Sub: #5 posted on Wed, 08/20/2008 - 19:27
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
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Sub: #7 posted on Thu, 08/21/2008 - 13:34
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Sub: #8 posted on Fri, 08/22/2008 - 05:05
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Sub: #9 posted on Fri, 08/22/2008 - 07:38
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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
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