“Clean” payday lending reform bill heads to OH House floor


IN COLUMBUS IS MOVING FORWARD THAT COULD CLOSE LOOPHOLES LEFT OPEN BY A 2008 LAW… THAT ALLOWS PAYDAY LENDERS TO GET AROUND THE 28 PERCENT INTEREST RATE CAP. STATEHOUSE REPORTER JASON AUBRY TELLS US TODAY’S COMMITTEE VOTE MARKS A SIGNIFICANT MILESTONE. JASON AUBRYWHEN A BILL PASSES OUT OF COMMITTEE WITHOUT AMENDMENTS IT’S OFTEN REFERRED TO AS A “CLEAN” BILL, TODAY THAT PHRASE MAY HOLD ADDITIONAL MEANING WITH HOUSE BILL 123.SUPPORTERS OF THE BILL ARE THRILLED WITH TODAY’S VOTE.“I FEEL EXTREMELY PLEASED, SURPRISED AND VERY PLEASED BECAUSE IT HAD LANGUISHED FOR SO LONG.” PART OF THE REASON FOR THE DELAY WERE MONTHS OF TALKS BETWEEN PAYDAY LENDERS AND HOUSE LEADERSHIP – NOT THE BILL’S SPONSOR — AS THEY SAY THEY WERE TRYING TO NEGOTIATE A COMPROMISE.“I THINK THE GOVERNMENT ACCOUNTABILITY AND OVERSIGHT COMMITTEE DID A WONDERFUL JOB TODAY IN MAKING THAT A MUTE POINT. WE PASSED THE BILL AS INTRODUCED; WE’RE STARTING WITH A CLEAN SLATE.” ATTEMPTS WERE MADE TODAY TO ADD AMENDMENTS TO THE BILL BUT THOSE ATTEMPTS FAILED LEAVING PAYDAY LENDERS TO INEVITABLY LOOK TO STATE SENATORS FOR HELP NEXT.“WE NEED TO KEEP A CLOSE EYE ON THIS // BECAUSE IT COULD EASILY BE CHANGED TO SOMETHING THAT TOTALLY NOT WHAT WE WERE LOOKING FOR IN THE FIRST PLACE.”SOME OPPONENTS OF THE BILL SAY THE HOUSE IS JUST PASSING THE BUCK TO THE SENATE.AT THE STATEHOUSE JASON AUBRY, 2 NEWS WORKING FOR YOU

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