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Ohioans for Payday Loan Reform (OFPLR), numbering more than 100
organizations and individuals around the state, is disappointed by the
legislative inaction on the measure to date, but is hopeful the legislature
will take up the matter this fall. Each day without reform is costing
Ohioans more than $200,000. The bill would bring relief to more than 1
million Ohioans who use payday loans and support for the measure
exists in communities across the state. The bill sponsors, Republican
Rep. Kyle Koehler and Democrat Rep. Mike Ashford, acknowledged the
broad support saying, our colleagues on both sides of the aisle agree
that this is not a partisan issuethis is an issue about whats best for
Ohios residents and the states economy.
What is HB 123?
Ohio has the embarrassing distinction of having the highest interest
rates for payday loans in the nation, with rates averaging 591%. A bi-
partisan bill, HB 123 seeks to establish terms which would be fair for
both borrowers and lenders. It would:
Will Ohios legislative leaders do the right thing and get discussion
moving on an important issue?
TBD