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New Ohio Law status?

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




I wonder why they are bothering to fight the new law then if there is a way around it anyway.

Sub: #11 posted on Fri, 08/22/2008 - 07:59

DOLLARSandSINCE DOLLARSandSINCE
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I don't get it either...I noticed while out driving yesterday that a few of the PDL storefronts, have banners up saying "We are taking new customers"!!!!

Sub: #12 posted on Fri, 08/22/2008 - 08:01

lmale lmale

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I do believe that some of them applied for a small loan license. Which yes does allow them to charge the same amount of fees, But I'm not sure exactly how that is all going to work. I heard that you can pay your loan back and they can readvance you right there.??? Defeats the whole purpose of a new law --- I know

Sub: #13 posted on Fri, 08/22/2008 - 11:08

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OH NO, I hope that's not correct...

Sub: #14 posted on Fri, 08/22/2008 - 11:22

lmale lmale

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Hope what's not correct?

Sub: #15 posted on Fri, 08/22/2008 - 11:26

goudah2424 goudah2424

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There is a payday loan company in my area called PurposeMoney and they said the new license they have is a "Small Loan License" and that's how she described it. I believe that is the same type of Cash Advance/Small Loan like the US Bank's have on checking accounts with direct deposit.

Maybe I'm wrong --- but that's what I heard.

Sub: #16 posted on Fri, 08/22/2008 - 11:50

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Goudah, I was meaning I hope its not true that they can payoff their loans and turn right around and re-borrow while their still in the store...

Sub: #17 posted on Fri, 08/22/2008 - 12:09

lmale lmale

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