The Ohio law imposes a 28 percent annual rate cap on payday advances. Under this rate cap, the current fee of $15 per $100 advanced would be reduced to less than 10 cents per day. In response, many payday advance companies have announced that they will be closing stores in Ohio, putting as many as 6,000 jobs in jeopardy.
The referendum would repeal Substitute H.B. 545, which was signed by Governor Ted Strickland on June 2, 2008. Voters will be asked to oppose enactment of the Sub. H.B. 545 as adopted by the General Assembly and actually have an opportunity to have their voices heard and maintain their right to determine their own financial destiny.
The Ohio law imposes a 28 percent annual rate cap on payday advances. Under this rate cap, the current fee of $15 per $100 advanced would be reduced to less than 10 cents per day. In response, many payday advance companies have announced that they will be closing stores in Ohio, putting as many as 6,000 jobs in jeopardy.
The referendum would repeal Substitute H.B. 545, which was signed by Governor Ted Strickland on June 2, 2008. Voters will be asked to oppose enactment of the Sub. H.B. 545 as adopted by the General Assembly and actually have an opportunity to have their voices heard and maintain their right to determine their own financial destiny.
Consumers should decide whether to have access to payday advance services said the Community Financial Services Association of America (CFSA) as it announced a referendum to overturn the recently passed law effectively banning payday advances in Ohio.
The referendum would repeal Substitute H.B. 545, which was signed by Governor Ted Strickland on June 2, 2008. The Reject HB 545 committee must collect 241,365 valid signatures before September 1st in order to qualify for this November's ballot. Voters will be asked to oppose enactment of the Sub. H.B. 545 as adopted by the General Assembly
Governor Strickland needs to do the right thing for Ohio and veto HB 545. His veto would ensure that working families continue to have access to short term credit options and avoid devestating consequences for tens of thousands of Ohioans.
The payday lending industry is extremely important to Ohio’s economy. Our businesses contribute $250 million to Ohio’s economy, employ 6,000 Ohioans to whom we pay nearly $173 million annually in salaries and benefits, we occupy a total of 1,600 locations, for which we pay $77 million annually in rent. The ripple effect our business has on the state’s economy is tremendous—all of which is at risk with the passage of HB 545.
Governor Strickland needs to do the right thing for Ohio and veto HB 545. His veto would ensure that working families continue to have access to short term credit options and avoid devestating consequences for tens of thousands of Ohioans.
The payday lending industry is extremely important to Ohio’s economy. Our businesses contribute $250 million to Ohio’s economy, employ 6,000 Ohioans to whom we pay nearly $173 million annually in salaries and benefits, we occupy a total of 1,600 locations, for which we pay $77 million annually in rent. The ripple effect our business has on the state’s economy is tremendous—all of which is at risk with the passage of HB 545.
It’s easy for people who have nothing to lose to call for a ban. Their jobs aren’t on the line and they have likely never used (or even needed) a payday advance. Employees are very concerned. Their income and benefits are at risk. Hundreds of employees have attended legislative hearings; thousands have reached out to their representatives through emails, letters and phone calls. Nearly 30,000 customers have written letters, urging legislators not to take away a personal credit choice. Unfortunately, the voices of employees and customers, the people that matter most, landed on deaf years in Ohio’s House of Representatives. We hope Senators will listen.
The hard reality is that employed, hard working Ohioans sometimes fall short of cash between paydays. Eliminating credit options only hurts consumers. Let’s put in place laws that will help consumers, not hurt them by taking away choices. A 28% annual rate cap would effectively ban payday loans in Ohio. Eliminating payday loans in Ohio will force consumers into more costly (bounced check/overdraft protection/late bill payment fees), even unregulated alternatives (offshore internet and underground). Payday loans may not be the best option for everybody, but they serve an important role in the short term credit market for those who need them.
Posted on June 6 at 11:08 a.m.
The Ohio law imposes a 28 percent annual rate cap on payday advances. Under this rate cap, the current fee of $15 per $100 advanced would be reduced to less than 10 cents per day. In response, many payday advance companies have announced that they will be closing stores in Ohio, putting as many as 6,000 jobs in jeopardy.
The referendum would repeal Substitute H.B. 545, which was signed by Governor Ted Strickland on June 2, 2008. Voters will be asked to oppose enactment of the Sub. H.B. 545 as adopted by the General Assembly and actually have an opportunity to have their voices heard and maintain their right to determine their own financial destiny.
Posted on June 6 at 11:03 a.m.
The Ohio law imposes a 28 percent annual rate cap on payday advances. Under this rate cap, the current fee of $15 per $100 advanced would be reduced to less than 10 cents per day. In response, many payday advance companies have announced that they will be closing stores in Ohio, putting as many as 6,000 jobs in jeopardy.
The referendum would repeal Substitute H.B. 545, which was signed by Governor Ted Strickland on June 2, 2008. Voters will be asked to oppose enactment of the Sub. H.B. 545 as adopted by the General Assembly and actually have an opportunity to have their voices heard and maintain their right to determine their own financial destiny.
Posted on June 5 at 5:19 p.m.
Consumers should decide whether to have access to payday advance services said the Community Financial Services Association of America (CFSA) as it announced a referendum to overturn the recently passed law effectively banning payday advances in Ohio.
The referendum would repeal Substitute H.B. 545, which was signed by Governor Ted Strickland on June 2, 2008. The Reject HB 545 committee must collect 241,365 valid signatures before September 1st in order to qualify for this November's ballot. Voters will be asked to oppose enactment of the Sub. H.B. 545 as adopted by the General Assembly
Posted on May 21 at 2:26 p.m.
Governor Strickland needs to do the right thing for Ohio and veto HB 545. His veto would ensure that working families continue to have access to short term credit options and avoid devestating consequences for tens of thousands of Ohioans.
The payday lending industry is extremely important to Ohio’s economy. Our businesses contribute $250 million to Ohio’s economy, employ 6,000 Ohioans to whom we pay nearly $173 million annually in salaries and benefits, we occupy a total of 1,600 locations, for which we pay $77 million annually in rent. The ripple effect our business has on the state’s economy is tremendous—all of which is at risk with the passage of HB 545.
Posted on May 21 at 2 p.m.
Governor Strickland needs to do the right thing for Ohio and veto HB 545. His veto would ensure that working families continue to have access to short term credit options and avoid devestating consequences for tens of thousands of Ohioans.
The payday lending industry is extremely important to Ohio’s economy. Our businesses contribute $250 million to Ohio’s economy, employ 6,000 Ohioans to whom we pay nearly $173 million annually in salaries and benefits, we occupy a total of 1,600 locations, for which we pay $77 million annually in rent. The ripple effect our business has on the state’s economy is tremendous—all of which is at risk with the passage of HB 545.
Posted on May 8 at 6:22 p.m.
It’s easy for people who have nothing to lose to call for a ban. Their jobs aren’t on the line and they have likely never used (or even needed) a payday advance. Employees are very concerned. Their income and benefits are at risk. Hundreds of employees have attended legislative hearings; thousands have reached out to their representatives through emails, letters and phone calls. Nearly 30,000 customers have written letters, urging legislators not to take away a personal credit choice. Unfortunately, the voices of employees and customers, the people that matter most, landed on deaf years in Ohio’s House of Representatives. We hope Senators will listen.
Posted on May 1 at 5:20 p.m.
The hard reality is that employed, hard working Ohioans sometimes fall short of cash between paydays. Eliminating credit options only hurts consumers. Let’s put in place laws that will help consumers, not hurt them by taking away choices. A 28% annual rate cap would effectively ban payday loans in Ohio. Eliminating payday loans in Ohio will force consumers into more costly (bounced check/overdraft protection/late bill payment fees), even unregulated alternatives (offshore internet and underground). Payday loans may not be the best option for everybody, but they serve an important role in the short term credit market for those who need them.