GOP One-Ups Governor And Limits PayDay Loans At 28% Interest Cap
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Categories: Consumer and Worker Protection, Corporate Accountability / Workers' Rights
Categories: Consumer and Worker Protection, Corporate Accountability / Workers' Rights
EYES WIDENER OPEN -- PayDay lending bill to cap at 28%
Three weeks ago it was dead.
Two weeks ago on the heels of a lobbying scandal PayDay was likely up for a vote with a 36% cap.
Last week, it was gutted by Committee Chair Chris Widener to eliminate any PayDay loan caps.
But with a fresh breath of Ted Strickland's coat-tails after he called for a 36% loan cap -- the GOP did them better.
Today, in an agile maneuver that places a 28%...that's correct...28% cap on small loans, cuts the maximum loan from $800 to $500, caps the number of loans to 4 in a 12 month period, mandates counseling and a data base, bans internet lending and allows for only 2 loans at one time that must amount to $500.
The House FIRES committee is expected to vote on this bill Wed at 9:00 am in Rm 121. It could be voted out of the House by tomorrow.
It won't have Bill Batchelder or Bobby Hagan's name on it -- but it is the Batchelder/Hagan bill with an even stronger interest rate cap.
Kudo's to Batchelder, Hagan, Governor Strickland and some deft recovery by House Democrats in forcing the Speaker's hand on PayDay Lending.
Consumers win. Now that's something to go home and campaign about.
Three weeks ago it was dead.
Two weeks ago on the heels of a lobbying scandal PayDay was likely up for a vote with a 36% cap.
Last week, it was gutted by Committee Chair Chris Widener to eliminate any PayDay loan caps.
But with a fresh breath of Ted Strickland's coat-tails after he called for a 36% loan cap -- the GOP did them better.
Today, in an agile maneuver that places a 28%...that's correct...28% cap on small loans, cuts the maximum loan from $800 to $500, caps the number of loans to 4 in a 12 month period, mandates counseling and a data base, bans internet lending and allows for only 2 loans at one time that must amount to $500.
The House FIRES committee is expected to vote on this bill Wed at 9:00 am in Rm 121. It could be voted out of the House by tomorrow.
It won't have Bill Batchelder or Bobby Hagan's name on it -- but it is the Batchelder/Hagan bill with an even stronger interest rate cap.
Kudo's to Batchelder, Hagan, Governor Strickland and some deft recovery by House Democrats in forcing the Speaker's hand on PayDay Lending.
Consumers win. Now that's something to go home and campaign about.
Post Courtesy of Personal Money Store
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