Ohio Consumers demand Payday
Backers of a move to repeal portions of Ohio’s new payday law have 10 days to collect more than 55,000 valid signatures after Secretary of State Jennifer Brunner ruled Tuesday that the first batch of petitions fell short. Brunner, in a letter to petitioners backing the partial repeal of House Bill 545 said 185,729 signatures were certified out of the more than 422,000 the group submitted Aug. 31. Those signatures met requirements in 33 counties. The group needs at least 241,366 valid signatures to meet requirements in at least half of the state’s 88 counties to bring the referendum before voters.
Payday Lenders better get out in droves to collect those signatures, or kiss the repeal goodbye.
The payday lenders will surely be on the ballot in November. They’ve been out collecting signatures since September 1st and now have until October 3rd. Given their previous collection tactics (lying, misleading statements, improper filing with the Secretary of State), it seems probable that they’ll get the 56,000 signatures necessary to reach the ballot. This is unfortunate because this will set a bad precedent for other predatory industries and special interests like the payday lobby to use the citizen referendum process when the legislative process doesn’t quite go their way. The reforms passed in June don’t eliminate the industry, but instead cap the interest rates on payday loans and prevent borrowers from slipping into the debt trap. This is good for Ohio and good for Ohio’s consumers. Issue 5 will be on the ballot! Vote yes on issue 5!
1I think this is a done deal this is getting on the ballot,and there some politicians right now a little worried because they kinda feel they were mislead by these advocates on how the public wanted this law.There was absolutely no public out cry over this product at all people that used it didnt complain about it and people that didnt use it didnt care or didnt know about it.Now these politicians are going to the mat over something they didnt care about.Now they look like some freedom infringing socialists.Take Ted Strickland for example he wants payday lending banned because he thinks it’s some form of usry,but he didnt mind state funding KENO.What a guy KENO is the worst gambling game you can play nobody ever wins and this loser decides BARS would be a great place for it.This is our leadership.Speaker of the house Husted said of payday lending and the people that use it,some time you have to save people from themselves.WHAT????You want to know why Ohio is worse than ever dont look at payday loans look at our politicians.Thats the real problem here.things are not getting better until we either vote down things like issue 5 or match 10 of 10 on our keno card.Im sticking with no on 5 VOTE NO ON ISSUE 5
2Payday lenders don’t charge 391%. A payday loans is for 2 weeks, not 52 weeks, which is how APR is calcluated. If you went into a store today, and borrowed $100, in 2 weeks, you’d owe $115. Hmmm, I believe that amounts to only 15%. And since 90% of the customers pay on time and as agreed what exactly is the problem.
Consenting adults have the right to spend their money as they see fit.
If I want to blow my entire check on cigarettes, alcohol or gambling… no one would be checking up on me or not allowing me to do that. But for some reason, the Ohio General Assembly doesn’t want me to be able to get a $100 loan for gas, rent, food, etc to hold me until next payday. HOW IRONIC!!!
The Ohio General Assembly wants us to play keno, gamble in Wilmington, and gladly take our hard earned money….. But oooops, sorry they think none of us are responsible enough to decide other financial decisions for ourselves. So they’re going to limit our choices.
I work hard for my money and I don’t want to be told, I can’t get a loan for a few hundered $$ if I think it’s necessary.
BTW— who has agreed to step up to fill in for payday lenders if this passes thru in Nov? Anyone, Bueller?? NOT ONE SINGLE BANK OR CREDIT UNION!!! B/c 28% for 2 weeks is $1.08 profit!! No one can stay in business or make money on that!
******VOTE NO on ISSUE 5****
3If you dont understand the facts, please visit http://ohioans4financialfreedom.com/
VOTE NO ON ISSUE 5
4Being supplied with the incorrect information can have grave consequences, especially when it results in you making incorrect decisions based on that bad information. There is a battle going on right now on Capital Hill, between law makers who are pro payday loans and those who are anti payday loans. Some of these politicians, have already passed laws restricting payday loans, and are currently pushing to have them outlawed altogether. Some, such as Barack Obama, are seeking to outlaw the industry all together; such laws are put in place to protect the people from getting into financial ruin but in reality it is restricting the people who really need a payday loan from getting one. Now is the time to educate your friends and family to preserve your rights to financial independence.
Post Courtesy of Personal Money Store
5Professional Blogging Team
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