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 4/10 Good --- blog.dispatch.com http://blog.dispatch.com/dailybriefing/atom.xml
Monday, May 12, 2008 --- 86 days ago http://blog.dispatch.com/dailybriefing/2008/05/ohio_payday_lenders_should_sta.sh
| The payday lending industry, as it currently does business in Ohio, appears to be on life support.
The two top Republicans on the Senate Finance Committee said today they have rejected the payday industrys latest alternative plan and are ready to move forward with a House-passed bill that would slash interest rates, boost loan terms and limit borrowers to four loans per year.
I think the spirit of the bill is going to be the same, said Sen. John A. Carey Jr., R-Wellston, chairman of the committee, said of House Bill 545, which is scheduled for a vote on Wednesday. He said the changes would be technical in nature.
On late Friday afternoon, payday lobbyists John Rabenold and Darryl Dever sent Carey and other senators a new proposal modeled after current law regarding credit unions. It would allow lenders to charge $10 per $100 borrowed over two weeks, and also charge borrowers for taxes paid by the business and the costs of any government mandates.
Both Carey and Sen. Steve Stivers, a Columbus Republican and committee vice chairman, said the plan would have left lenders with nearly the same $15 per $100 charged today (391 percent annual percentage rate).
If we are just going change the curtains and say weve made a major home renovation, I dont think anybody is going to buy that, Stivers said, adding that he will support HB 545.
The payday industry has said the HB 545 would quickly put their 1,600 stores ou ... |
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