What does Keith Faber have against your freedom or Ohio jobs?
May 14th, 2008, 8:06 pm · 1 Comment · posted by rlederman
It’s a serious question. Faber was among 29 state senators Wednesday to vote in favor of massive restrictions on payday lending.
The GOP leadership said something about protecting people — we all remember those big-government Nanny State Republicans, right? — but the party wasn’t completely sold on telling consenting adults what business transactions they may conduct. The other two Senate Republicans from this area — Steve Buehrer and Larry Mumper — voted against the bill.
Perhaps when the Big Government types like Faber are done, they would be so kind as to return some believers in limited government to the Statehouse. Now, it’s on to the Ohio House to reconsider House Bill 545. Maybe the six Republicans from this area will find a bit more Republicanism in them than the party guy from Celina was able to. The Republican majority again has worked to kill Ohio jobs.
From The Associated Press
Ohio Senate OKs one of nation’s toughest payday lending capsCOLUMBUS (AP) — The Ohio Senate has passed legislation that would create one of the nation’s strictest laws governing payday lending.
The bill limits borrowers to four short-term loans a year and caps annual interest rates at 28 percent.
Payday lenders generally charge about $15 for every $100 borrowed on a two-week loan, which would be the equivalent of a 391 percent annual interest rate.
Republican Senate President Bill Harris says consumers also wouldn’t be able to borrow more than $500 per loan, or 25 percent of a consumer’s base monthly pay — whichever is less.
Industry representatives say the legislation would put payday lenders out of business.
House lawmakers overwhelmingly approved the restrictions late last month.
The House must now approve changes made by the Senate before sending the bill to the governor for enactment.
May 15th, 2008 at 7:23 am
If people are foolish enough to take a payday loan, they are deserving of the consequenses. I have the same attitude about folks with insufficient credit history and resources to purchase a home and get involved with foreclosure - then expecting the U S government and taxpayer to save their home.