Rep. Matt Lundy (D), is again trying to garner support for a bill that would greatly affect local payday lending businesses. His first bill, HB 209, stalled in Ohio’s “FIRES” committee, aided by democrats who felt that Mr. Lundy’s proposal was not in the best interest of Ohio’s small businesses.
Although studies from both the Federal Reserve and the FDIC concluded that payday lending contributes to the public welfare, representative Lundy is again taking on the payday loan industry.
As chairman of the committee presiding over consumer protection, Lundy has now proposed HB 486. According to many local business owners, this bill could drive many payday loan establishments out of the state, or worse, out of business.
The owner of a Westside business remarked that “You would think Lundy would be proud of the fact that Ohio boasts the lowest priced short-term credit in the nation, or the fact that the mere presence of payday lending in a state holds bank fees in check for every consumer in the state.”
“ Not so – the Representative looks instead to editorials in “liberal” leaning newspapers such as the Cleveland Plain Dealer and the Columbus Dispatch. Unable to get his bill through the proper committee, he wrote another anti-consumer job-killer and pulled a political string or two to get the bill assigned to HIS committee.”
It does seem somewhat alarming that a state representative would draft legislation that could negatively affect 3000 industry employees and over 800 stores. As a person who has used these businesses in the past, it does seem to me to ignore the needs of the hundreds of thousands of people who depend on these businesses for quick loans, check-cashing, bill payment services, savings accounts and other financial services, such as I have.
If you would like to let your voice be heard, then call your state representative and senator and tell them how you feel about House Bill 486.
If you don’t have your representative and senator on your speed dial, you can look them up here: http://ohio.gov/how/government.stm#4
Comments
Great Article! Let's hope some of these job-killing anti-consumer types have to finnd new work after November.
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