Ohio Senate passes Payday Lending Reform


CONTINUING COVERAGE OF OHIO’S PAYDAY LENDING REFORM BILL…. IN AN ABRUPT CHANGE OF DIRECTION THE BILL WAS AMENDED IN THE SENATE AND NOT HOW MANY THOUGHT IT WOULD BE. NBC4’S OHIO STATEHOUSE NEWSROOM REPORTER JASON AUBRY HAS THE DETAILS. JASON: THE BIG FEAR FOR SOME WAS THAT PAYDAY LENDING INDUSTRY’S LOBBYISTS WOULD BE ABLE TO SWAY LAWMAKERS TO CHANGE THE BILL IN THEIR FAVOR. WELL. THAT DIDN’T HAPPEN. OR MONTHS, SENATOR MATT HUFFMAN HAS BEEN WORKING WITH THE LENDING INDUSTRY ON HIS CHANGES TO THE PAYDAY LENDING REFORM BILL WHICH WOULD HAVE COMPLETELY RE-WRITTEN IT. REP. KYLE KOEHLER / HOUSE DISTRICT 79 “I WAS CONCERNED BECAUSE I THINK THERE WERE SO MANY MAJOR CHANGES, THE BILL DIDN’T LOOK ANYTHING LIKE WHAT WE ORIGINALLY INTRODUCED.” WHEN IT CAME TIME TO OFFICIALLY VOTE IN CHANGES TO THE BILL THIS WEEK IT WAS HUFFMAN’S PLAN THAT WAS GUTTED. OTHER LAWMAKERS WORKED WITH THE PEW CHARITABLE TRUSTS TO COME UP WITH SOME ADJUSTMENTS TO THE ORIGINAL BILL. PAYDAY LENDERS WERE LIVID. TED SAUNDERS / OHIO CONSUMER LENDERS ASSOCIATION “I CAN’T TELL YOU PERSONALLY WHAT IT FELT LIKE TO OPEN UP THE NEWSPAPER ON SATURDAY AND REALIZE THAT WE WEREN’T EVEN GOING TO BE CONSULTED.” SEN. SCOTT OELSLAGER / SENATE DISTRICT 29 “YOU AND YOUR PEOPLE, AND YOUR NUMEROUS, NUMEROUS, NUMEROUS, NUMEROUS LOBBYISTS HAVE BEEN VERY MUCH INVOLVED IN THIS FROM THE VERY BEGINNING.” THE BILL NOW FOCUSES ON THREE THINGS: ENSURING LOANS ARE AFFORDABLE, REDUCING THE COST OF LOANS, AND ENHANCING CONSUMER PROTECTIONS. A FULL WRITE UP ON ALL THE SPECIFIC CHANGES CAN BE FOUND ON OUR WEBSITE SUFFICE TO SAY THAT MOST OF WHAT THE ORIGINAL BILL SET UP HAS BEEN KEPT IN PLACE AND MODIFIED SLIGHTLY. SEN. LARRY OBHOF / SENATE PRESIDENT “I’VE SAID ALL ALONG THAT I DON’T THINK PEOPLE SHOULD BE TRAPPED IN A DEBT SPIRAL THAT THEY CAN’T GET OUT OF.” JASON: THE BILL NOW HEADS BACK TO THE HOUSE FOR A FINAL CONCURRENCE VOTE THE NEXT SCHEDULED HOUSE SESSION ISN’T UNTIL SEPTEMBER, IF IT PASSES THE HOUSE AND THE GOVERNOR SIGNS THE BILL — THE LAW COULD GO INTO EFFECT IN EARLY 2019.

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