Paint in Broad, Arugula-Colored Strokes
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Categories: Consumer and Worker Protection, Corporate Accountability / Workers' Rights, Ranting and Venting
Categories: Consumer and Worker Protection, Corporate Accountability / Workers' Rights, Ranting and Venting
"And the things that's most nauseating about you douche bags, not one of you ever went into this store, you never knew a customer, you never knew an employee or owner but somehow you found it necessary "in your own holier than thou world" to make sure these relationships ceased.
Congratulations. You can go back to your arugula quiche and merlot now."
Normally I wouldn't bother rebutting inflammatory and poorly reasoned fantasy, but I doubt a lot of people know this:
- The Cleveland Diocese launched the Ohio Coalition for Responsible Lending.
- Republican Rep Scott Oeslager was a crucial early champion of the bill.
- George Bush signed a very similar bill two years ago that capped lending rates for military personnel at 36%, which the Undersecretary of Defense thought was still too high.
- Ohio's payday lending law was bipartisan and passed overwhelmingly: 70-24 & 29-4.
So thanks to Rep. Scott Oeslager (R), US Sens. Jim Talent (R) and Ben Nelson (D), Pat O'Bryan, Jim Callen, Bill Faith, Tom Allio and many, many more (250+ groups) for doing the groundwork to get this common sense regulation passed. Arugula is on me guys, but you'll have to bring your own merlot.
Video: HB 545 Payday Lending Legislation Signing: Opening Remarks By Chris Widener (R) District 84
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Video: HB 545 Payday Lending Legislation Signing: Comments By House Majority Leader Jon Husted
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Video: HB 545 Payday Lending Legislation Signing: Remarks By Senate President Bill Harris
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Sen. John Carey (R-Wellston):
Senate Finance Chair: Payday Lending Rate Cap Will Stay
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Republican State Representative Bill Batchelder:
Right’s Batchelder, Left’s Hagan Launch Radio Ad Urging Cap on PayDay Lending
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The Yeas and Nays:
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The poster at Taxman apparently doesn't know anything about Ohio politics and the Ohio Legislature as well as certainly does not know anything about how HB545 was passed.
What did he call Senate President Harris and Majority Leader Husted again?
douche bags?
What about our Governor? Doesn't he have to sign bills for them to become law?
It's interesting that our Federal Government control is the exact opposite. Dems control the House and Congress, and yet any bill that's passed, we blame the President.
It must be some conspiracy.
I have no idea who the "we" is that "blame the President" as you say, but it is incorrect to infer that a having a simple majority in the Senate at the federal level means anything as to passing legislation or even moving it forward.
Cloture is one reason.
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Having a simple majority means quite a lot in moving legislation forward. Bills are created in Committees. With the Dems in control, they install the committee chairs and most committees are comprised of 11 democrats and 10 republicans.
Not signing a bill is referred to as a "pocket veto" and the Bill becomes law as previously described.
In Ohio a veto by the Governor can be over-ridden by a two thirds vote of the legislature.
In the case of HB 545 both the Executive Branch and the Majority and Minority parties in the legislature supported the Bill in it's final form and the Governor signed the Bill.
I know, I was there . . .
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Certainly you're right about Committees and control of the agenda on the floor accruing to the majority party at the federal level, however a simple majority means nothing without bi-partisanship (or a great enough numerical majority) necessary to achieve cloture.
"not one of you ever went into this store, you never knew a customer, you never knew an employee or owner"
Not sure what you're basing that broad assumption on or what the heck it has to do with arugula.
The movement for fair lending practices has many participants from within the payday lending industry. Employees, store owners, and customers have been a key part of this effort, giving testimony about their experiences.
Do a youtube search for "payday lending" and you'll find plenty of examples. Here are just a few to get you started:
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http://youtube.com/watch?v=KVn UtkRYItQ
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"not one of you ever went into this store, you never knew a customer, you never knew an employee or owner"
Not sure what you're basing that broad assumption on or what the heck it has to do with arugula.
The movement for fair lending practices has many participants from within the payday lending industry. Employees, store owners, and customers have been a key part of this effort, giving testimony about their experiences.
Do a youtube search for "payday lending" and you'll find plenty of examples. Here are just a few to get you started:
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http://youtube.com/watch?v=KVn UtkRYItQ
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$15 in interest charges per $100 loaned on a short-term basis seems reasonable to me.
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Why would you spend upwards of $20 million to try and override the new Ohio law unless it was really, really profitable to do so?
This isn't about people's rights to choose where to to borrow . . . it's all about corporate profits.
I'm certain there were those that used those services too much (not too unlike many of our citizens on gov't entitlement programs). But there were plenty of individuals who really needed the short-term loan - and only used it once or twice.
But, hey, who cares!?! Right? They should be better savers and work harder and shouldn't be in that situation.
What we need is a bigger government taking care of us.
Look what that has brought our state. No gambling business. No sex services business. Think of the business it would bring into the state if we were the first that allowed marijuana, crack and heroin sales.
Yes, why do we have to have any regulations on business at all in this state?
It hurts businesses profits when we don't allow them to dump waste wherever they want, or not to hire children and make them work say 60 hours a week for a dollar an hour. Those child labor and minimum wage laws . . . hurt business in Ohio. And making them pay taxes at all? We shouldn't do that.
These darn laws and regulations are just killing the business climate in Ohio.
We shouldn't have any laws about anything related to business in Ohio. They need their profits because we need their jobs.
Does this new law limit lenders to the $15/$100 rate? If so, that seems fair. You should be able to make a low-overhead business like payday lending profitable on a margin like that.
· Repeals the current Check-Cashing Lender Law in its entirety and enacts the bulk of the repealed law's provision with changes in a new Short-Term Lender Law.
· Requires the Superintendent of Financial Institutions to create a statewide database of loans made by licensed short-term lenders.
· Creates a short-term installment loan linked deposit program.
· Revises the authority of state officers with respect to making appointments to the Consumer Finance Education Board and expands the Board's responsibilities.
· Establishes the Financial Literacy Education Fund.
· Authorizes state chartered banks, savings and loans, and credit unions to make loans per the terms and conditions of the Short-Term Lender Law.
· Provides special conditions for nonprofit corporations to obtain a license under the Short-Term Lender Law.
· Establishes that a violation of the Short-Term Lender Law is a violation of the Ohio Consumer Sales Practices Act.
Under the current Check-Cashing Lender Law, a licensee may charge a loan origination fee of $5 per $50 of the amount of the loan up to the first $500 of the loan and $3.75 per $50 of the amount of the loan between $500 and $800, plus interest at a rate of 5% per month or fraction of a month. Also, a licensee may charge an amount not exceeding $20, plus any amount passed on from a financial institution, for each returned or dishonored check, share draft, or negotiable order of withdrawal.
The bill sets forth that a short-term lender may charge interest not to exceed an annual percentage rate of 28%. For the purpose of the Short-Term Lender Law, interest is defined as "all charges payable directly or indirectly by a borrower to a licensee as a condition to a loan, including fees, loan origination charges, service charges, renewal charges, credit insurance premiums, and any ancillary product sold in connection with a loan made pursuant to sections 1321.35 to 1321.48 of the Revised Code" (R.C. 1321.35). The bill also limits the lender to one check collection charge per loan not exceeding $20.
Under the bill, the amount of a short-term loan may not exceed $500 (current law limits check-cashing lender loans to no more than $800).
Under the current Check-Cashing Lender Law, the duration of a loan may not exceed six months. The bill does not establish a maximum duration for short-term loans, but specifies that such loans may not have a duration of less than 31 days.
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