Post from Dave Harding's Blog:
Payday Lenders Try "2 for 1" In Ballot Strategy
Payday lenders are pursuing two different ballot issues that would overturn a recent law eliminating the short-term, high interest loans.

After Attorney General Nancy Rogers rejected the committee's first submission of summary language for the proposed referendum, the Reject H.B. 545 Committee submitted a revised version last week. Then, two days later, the committee proposed another issue that would repeal only language pertaining to payday loans. . . .

Consumer advocates reacted angrily and sent a letter to Attorney General Rogers asking her to reject both referendum petition summaries.

Bill Faith, executive director of Coalition on Homelessness and Housing in Ohio, said the latest referendum attempts to mislead voters by not explaining that it would increase the interest that lenders could charge.

"The summary does not mention either the 28% rate cap or note that voter approval of this referendum would result in lenders being permitted to charge 391% APR," he said in the letter.

Sen. Jeff Jacobson (R-Dayton) added support for the opponents' arguments.

"The clear intent of the petitioners is to create a potential choice of law scheme that will effectively exempt them from the most important element of HB 545, the 28 percent rate cap on payday loans, and other reform measures, including those designed to curb repeat borrowing," the senator wrote to Ms. Rogers. "This basic omission will invariably deceive potential signers."

Gongwer News Service Ohio (Sub req'd)

Consumers Call On AG To Reject Latest Payday Petition Summaries

Consumers Laud AG's Rejection of Payday Petitions; Offer Lenders Help Drafting Accurate Language


Reader Comments
  
HB 545
By User from Cleveland, OH Jul 7th 2008 at 8:07 am EDT
I am pleased that there are many people supporting Ohio HB 545. However, my problem with it is that it doesn't include credit card companies, banks, mortgage lenders, or other businesses that "deal" in this area. Without their inclusion...I do not support HB 545 and support the payday lenders petition for revocation.
Re: HB 545
By Dave Harding, ProgressOhio Jul 7th 2008 at 8:21 am EDT
It does include credit card companies, banks, mortgage lenders, or other businesses that "deal" in this area

HB545 covers everyone who offers these loans.
Re: HB 545
By User from Lisbon, OH Jul 23rd 2008 at 1:57 pm EDT
House Bill 545 will have not one bit of effect on credit card interest or on mortgage lenders.
HB 545
By Dave Harding, ProgressOhio Jul 23rd 2008 at 3:34 pm EDT
Of course H.B 545 covers any and all of these groups if they wanted to offer these types of loans in Ohio.

Credit card companies and mortgagors don't offer short term loans, but if they did they'd have to follow the new state law restricting the interest rate charged to 28% APR and not 391% APR
  



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