Senator laying groundwork for massive changes to payday lending reform bill


DOWNLOAD THE APP FOR FREE. MARK: WE NOW KNOW THE DIRECTION THE SENATE APPEARS TO BE HEADING ON PAYDAY LENDING REFORM. OUR OHIO STATEHOUSE NEWSROOM REPORTER JASON AUBRY BRINGS US THE LATEST DETAILS ON A POTENTIALLY MASSIVE OVERHAUL OF THE BILL. JASON CG TIMES: :00 – :10 THIS IS EXACTLY WHAT THE SPONSORS AND SUPPORTERS OF THE BILL FEARED MAJOR CHANGES TO THEIR BILL MOST OF WHICH COMING FROM THE PAYDAY LENDING INDUSTRY. TODAY SENATOR MATT HUFFMAN GAVE LAWMAKERS A GLIMPSE OF WHAT HE THINKS PAYDAY LENDING REFORM LOOKS LIKE WHICH IS TO SAY, LITTLE TO NOTHING LIKE THE BILL THAT WAS PASSED BY THE HOUSE. HUFFMAN’S PROPOSALS ARE STILL BROAD IDEAS WITH NO CONCRETE NUMBERS, BUT HE DID SAY THIS: SEN. MATT HUFFMAN/ SENATE DISTRICT 12 SAYS: “THERE HAS BEEN WAY TOO MUCH SCAREMONGERING WITH ALL OF THIS. LENDERS AREN’T GOING TO GO UNDER IF WE GET RATES DOWN IN A REGULATED MARKET TO ROUGHLY WHERE OTHER STATES ARE.” SUPPORTERS OF THE ORIGINAL BILL SAY HIS WORDS ARE CLEVERLY DISGUISED TO SOUND GOOD AND COVER FOR WHO’S REALLY BENEFITING BY HIS CHANGES. CARL RUBY/OHIOANS FOR PAYDAY LOAN REFORM SAYS: “IF THE PAYDAY LENDING INDUSTRY WERE TO CREATE A BILL IT WOULD BE THE BILL THAT SENATOR HUFFMAN JUST SUGGESTED.” AND THAT’S NOT HYPERBOLE, ACCORDING TO REPRESENTATIVES WITH THE PEW CHARITABLE TRUSTS WHO ATTENDED INTERESTED PARTY MEETINGS LAST YEAR. ALEX HOROWITZ / PEW CHARITABLE TRUSTS SAYS: “I WAS IN THOSE MEETINGS AND THE PAYDAY LENDERS PUT FORWARD MANY OF THOSE IDEAS AND SUGGESTED THEM TO SPEAKER ROSENBERGER AT THE TIME.” SPEAKER ROSENBERGER IS UNDER F-B-I INVESTIGATION, POTENTIALLY LINKED TO ACTIVITY WITH PAYDAY LENDING LOBBYISTS. REPRESENTATIVE KYLE KOEHLER, ONE OF THE BILL’S ORIGINAL SPONSORS, HAS FEARED THESE CHANGES WOULD BE ATTEMPTED BY HUFFMAN BUT SAYS VOTERS AREN’T EASILY FOOLED. REP. KYLE KOEHLER / HOUSE DISTRICT 79 SAYS: “I THINK VOTERS ARE GOING TO WATCH HOW THEIR REPRESENTATIVES AND THEIR SENATORS ARE GOING TO VOTE ON THIS ISSUE.” “THIS ISSUE IS GOING TO BE HUNG OVER THE REPUBLICAN’S HEADS GOING INTO THE FALL AND THEIR GOING TO BE KNOWN AS THE PARTY THAT OKAY WITH 400% INTEREST.” JASON CG TIMES: 1:22 – 1:43 SOME REPUBLICAN SENATORS VOICED CONCERNS OVER HUFFMAN’S COMPLETE RE-WRITE OF THE BILL. HUFFMAN HIMSELF CAUTIONED THAT RUSHING HIS CHANGES THROUGH COULD LEAD TO UNFORESEEN PROBLEMS. HE IMPLIED THERE WAS A DESIRE FOR A VOTE ON HIS CHANGES IF NOT THE ENTIRE BILL — AS EARLY AS NEXT WEEK.

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