Buckeye State Voters Pass Payday Lending Law

Submitted by Eugmc on November 5, 2008 - 12:22am.

Ohio voters have approved a measure to limit payday lending in the Buckeye state. The new rules will limit lenders to charge 28% on loans and limit the number of loans at 4 per year.

"Ohio voters stripped payday lenders of their permit to fleece working people," said Bill Faith, executive director of the Coalition on Homelessness and Housing in Ohio said in a statement.

Passage of the bill passed by a wide margin. Opponents of Issue 6 stated that the measure would cost Ohio jobs and limit the rights of Ohioans.

Comments

Payday Lending

I wonder how many people who voted "Yes" on Issue 5 were people that actually used payday lending services. For those of us who do, payday lending has been a lifesaver. We are not stupid. We know that they charge $15 per 100 and if it's the only way I can get my car fixed, I am willing to pay that. Not all of us have credit cards. We had a free choice to use these loans and it's been taken away. Now I wonder what is going to happen the next time I need a payday loan. Thanks a lot, Ohio.

Submitted by NowWhat? (not verified) on November 5, 2008 - 1:25pm.

Great Victory for Ohio's Consumers

This is an overwhelming victory for Ohio's consumers. Over 3 million Ohio voters strongly repudiated 10 years of predatory payday lending and asked for a return to fair and responsible lending! This is a good thing for Ohio's families, communities and economy!

Submitted by Consumer (not verified) on November 6, 2008 - 12:34pm.

payday lending law

can you tell me when the new law for payday lender goes into effect. I read in the toledoblade that it was Nov, 26 but ca not find anything to back that up.

Submitted by tammy (not verified) on November 18, 2008 - 4:58pm.