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    Delay Tactics Release June 29 2017

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    David Rothstein
    Payday lenders failed to attend a closed-door meeting at the Ohio Statehouse to discuss payday lending reform legislation. Reform advocates are frustrated by the delays, as each day the bill is stalled costs Ohioans over $200,000 in high-interest payday loan costs. The bill would cap interest rates on payday loans at 28% plus $20 per month but has not been given a hearing before the summer recess, allowing the multi-billion dollar payday lending industry to stall the process.

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    Delay Tactics Release June 29 2017

    Uploaded by

    David Rothstein
    60 views2 pages
    Payday lenders failed to attend a closed-door meeting at the Ohio Statehouse to discuss payday lending reform legislation. Reform advocates are frustrated by the delays, as each day the bill is stalled costs Ohioans over $200,000 in high-interest payday loan costs. The bill would cap interest rates on payday loans at 28% plus $20 per month but has not been given a hearing before the summer recess, allowing the multi-billion dollar payday lending industry to stall the process.

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    Delay Tactics Cost Ohioans

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    Payday lenders failed to attend a closed-door meeting at the Ohio Statehouse to discuss payday lending reform legislation. Reform advocates are frustrated by the delays, as each day the bill is stalled costs Ohioans over $200,000 in high-interest payday loan costs. The bill would cap interest rates on payday loans at 28% plus $20 per month but has not been given a hearing before the summer recess, allowing the multi-billion dollar payday lending industry to stall the process.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    60 views2 pages

    Delay Tactics Release June 29 2017

    Uploaded by

    David Rothstein
    Payday lenders failed to attend a closed-door meeting at the Ohio Statehouse to discuss payday lending reform legislation. Reform advocates are frustrated by the delays, as each day the bill is stalled costs Ohioans over $200,000 in high-interest payday loan costs. The bill would cap interest rates on payday loans at 28% plus $20 per month but has not been given a hearing before the summer recess, allowing the multi-billion dollar payday lending industry to stall the process.

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    Delay Tactics Benefit Payday Lenders and Cost

    Ohioans More Than $200,000 Per Day


    STATEMENT OVERVIEW: Last week, yet another closed-door meeting was held at the
    Ohio Statehouse regarding the payday lending reform bill. This meeting was reportedly
    convened to offer an opportunity for the lenders themselves to provide input. But
    payday lenders were a no-show. Reform advocates are expressing deep
    disappointment for inaction on a bill that would protect Ohio consumers and
    families: These delays are troubling and play into the hands of the multi-billion dollar
    payday lending industry.

    The following is a statement by members of Ohioans for


    Payday Loan Reform regarding failure to move House Bill
    123 forward

    Columbus June 29, 2017 A June 21st meeting at the Statehouse to


    discuss payday lending reform resulted in no progress because payday
    lending company officials failed to show up at the session. The meeting was
    set up to discuss constructive solutions to Ohios troublesome payday
    landscape, as called for in bi-partisan HB 123. The bill would end Ohios
    embarrassing distinction of having the highest payday loan interest rates in
    the nation. Those rates average 591%.

    The meeting, called by Rep. William Seitz (R-Cincinnati), included advocates


    of payday lending reform and was also supposed to include members of the
    payday loan industry but they failed to attend, sending an army of well-
    heeled lobbyists instead.

    We have been beyond patient and respectful of the legislative process, as we


    have responded to every request for information made by leadership and
    members of the General Assembly, but its becoming abundantly clear that
    the payday lenders will use whatever means they can to stall this important
    discussion, and stop a public hearing from happening.

    HB 123, which seeks to establish a maximum interest rate on such loans of


    28% plus a maximum monthly fee of $20, was introduced March 8 by Rep.
    Kyle Koehler (R-Springfield) and Rep. Michael Ashford (D-Toledo).

    Since then, our coalition has met directly with Speaker Cliff Rosenberger,
    Chairman Louis Blessing, Majority Floor Leader Seitz, and a majority of the
    Members of the Government Accountability & Oversight Committee. Yet, no
    hearing on the bill has been scheduled. While we are happy to participate in
    productive meetings, this legislation and the Ohioans stuck in this predatory
    lending cycle deserves a public forum.

    We have provided legislators with extensive documentation articulating the


    need for reform and Ohios dubious distinction as the most expensive state in
    the nation for borrowers of payday loans. Borrowers themselves have come to
    the statehouse to meet with legislators and appeal for reform.

    Enough is enough. These tactics to draw out the legislative process should be
    an affront to every Ohio taxpayer who supports public discussions of issues of
    such importance. The fact that this bill has not been given a hearing as the
    legislature breaks for summer is troubling and plays into the hands of the
    multi-billion dollar payday lending industry.

    HB 123 would preserve access to small loans while ensuring fair terms and
    lower costs, saving Ohioans $75 million annually. Every day this bill stalls, it
    costs Ohioans $205,479adding up to more than $20 million since HB 123
    was introduced in March. Its astonishing that any leader would allow this to
    continue when a reasonable solution - HB123 - is so clear.

    Ohio can achieve fair small-dollar lending with our legislators help. Recent
    polling shows that 80% of likely voters support this reform, and history shows
    that they will vote to corrector eliminatethe payday loan problem if our
    representatives fail to act.

    ####

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