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Home > Blogs > Ohio politics > Archives > 2008 > September > 22 > Entry
Manufacturers say Yes to payday lending reforms
The Ohio Manufacturers’ Association endorsed a Yes vote on Issue 5, a ballot issue that, if adopted, will keep the state’s new pay day lending reform law.
The Ohio Secretary of State’s office is reviewing petitions now to see if the pay day lending industry has 241,365 valid voter signatures or if they need to collect more in order to make the Nov. 4 ballot.
The manufacturers said they want the reform law to stay in place to protect workers from unscrupulous lenders.
“Congress already has capped the interest rates that payday lenders can charge military families,” said Ohio Manufacturers Association President Eric Burkland. “Ohio manufacturers want those same benefits extended to all Ohio families.”
A Yes vote on Issue 5 keeps the 28 percent rate cap in place. A No vote allows lenders to continue charging 391 percent annual interest.
Those supporting a Yes vote include: Gov. Ted Strickland, Senate President Bill Harris, R-Ashland, House Speaker Jon Husted, R-Kettering, the Ohio Roundtable, Ohio Farm Bureau, Habitat for Humanity, AARP Ohio, Ohio Association of Second Harvest Food Banks, Center for Responsible Lending and others.
Those supporting a No vote include: Ohio Grocers Association and the Ohio Chamber of Commerce.
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Comments
By Ben
September 22, 2008 2:37 PM | Link to this
28% is still far too high. They should be prohibbeted from anything over 15% in my opinion. For every honest person running one of these businesses there are 10 con men, opportunist, and thieves who are preying on the unfortunate.By Rich
September 22, 2008 10:13 AM | Link to this
“Those supporting a No vote include: Ohio Grocers Association and the Ohio Chamber of Commerce.” I, for one, would LOVE to know the rationale (if any) offered by either group — how can anyone with a conscience support usury of the sort practiced up to now by the Ohio payday lending industry? Has either association actually published anything to explain such a bizarre position?