New Payday Loan Law goes into effect, what you need to know


JUDGE GUY REECE SAID THE LAW MAKES NO EXECPTIONS FOR EMERGENCY VEHICLES WHEN IT COMES TO GOING PAST A STOPPED SCHOOL BUS. 16:03:00 JUDGE GUY REECE, VISITING JUDGE “THE CHIEF PRESUMED THAT EVERYONE WAS OBSERVING HIM AND WHAT HE WAS DOING BUT THE KEY HERE WAS THE SCHOOL BUS AND WHAT WAS GOING ON WITH THE SCHOOL BUS.” REPORTER JASON AUBRY TELLS US ABOUT THE NEW LAW THAT GOES INTO EFFECT SATURDAY AND THE PREPERATIONS BEING MADE TO ACCOMMODATE FOR IT. PKG SPRINGFIELD, OHIO BECAME GROUND ZERO FOR AN EFFORT TO REFORM PAYDAY LENDING AFTER OHIOANS SPENT A DECADE PAYING WAY TOO MUCH TO GET FINANCIAL HELP, ACCORDING TO REPRESENTATIVE KYLE KOEHLER. 02;49;56 “WE’RE TRYING TO TURN THIS INTO A TRUE WHAT WE WOULD CALL AN INSTALLMENT LOAN, WHERE YOU’RE PAYING OFF MONTHLY, AND YOU’RE PAYING DOWN THE PRINCIPLE SO THAT IN THE END WHEN YOU MAKE THAT FINAL PAYMENT YOU’RE ACTUALLY PAYING OFF THE LOAN, YOU’RE NOT JUST FINDING OUT THAT YOU STILL OWE THE ENTIRE AMOUNT SO YOU ARE ACTUALLY PAYING IT OFF AND IMPROVING YOUR CREDIT SCORE, BUT PERHAPS MOST IMPORTANT FEES AND INTEREST CANNOT BE MORE THAN 60 PERCENT OF THE LOAN AND IF YOU WANT TO PAY IT OFF IN LESS THAN 30-60-OR-90 DAYS YOUR ABILITY TO DO SO IS TESTED. 02;48;56 “THE LENDER HAS TO LOOK AT YOUR INCOME AND SAY, CAN THIS PERSON DO THAT? BECAUSE WHAT WE DON’T WANT THEM DOING IS TAKING OUT A $1000 LOAN IN 30 DAYS THAT WE KNOW THEY CAN’T PAY.” ON TOP OF ALL THAT YOU WILL ONLY BE ABLE TO GET THIS LOAN THROUGH A LICENSED BUSINESS. WHILE FIGHTING AGAINST THE NEW LAW MANY LENDERS THREATENED TO CLOSE DOWN IF THE BILL WAS PASSED SO FAR THAT THREAT APPEARS HOLLOW WITH AT LEAST ONE NEW OPTION COMING INTO THE STATE. 02;51;23 “WE’RE VERY PLEASED THAT WE PROVED EVERYBODY WRONG.” AS OF RIGHT NOW THERE ARE 9 COMPANIES THAT ARE CERTIFIED TO PROVIDE THESE KINDS OF LOANS WITH ANOTHER 9 WAITING FOR THEIR CERTIFICATION, WHICH THEY SHOULD GET BY THE END OF NEXT WEEK. THAT WILL BRING THE TOTAL NUMBER OF STOREFRONTS HERE IN OHIO UP TO ABOUT 250 ACROSS THE STATE. LOCAL FOR YOU IN SPRINGFIELD, JASON

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