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Click here for additional information about free online payday
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Ohio laws concerning online cash advances and payday loans are
subject to change from time to time.
Ohio Payday Loan Laws & LegislationIn May 2008, the Ohio State Legislature passed a law capping the
interest rate on small consumer loans at 28%. Of course
residents of Ohio still access the payday loan product via
payday loan Internet web sites and call centers.
We suggest you concentrate your research on the Payday Loan
Internet Model and the Credit Services Organization as described
here. Although our discussion focuses on the Texas Credit
Services Organization Model, you and your team may determine it
is appropriate for a multiplicity of states.
Ohio Payday Loan Laws Update July 12th, 2008
Ohio’s attorney general has approved proposed language for use
in a petition drive seeking to repeal new payday loan
regulations set to become effective in 2009.
Supporters of the payday loan industry required AG Nancy Hardin
Rogers to OK the language for petitions seeking to get a
referendum for the law’s repeal on the November ballot.
Rogers approved as "fair and truthful" the petition drive’s
summary of the pertinent portion of the law.
The new law, if it actually becomes effective in 2009, caps
annual interest rates at 28%, down from 391%.
Gov. Ted Strickland on June 2 signed the bill that puts the new
restrictions into effect. Payday lending businesses point out
that the law change would force them to close offices, lay off
thousands of employees, and remove another financial choice Ohio
residents currently have .
Rather than regulate the payday loan product out of business, if
the new law were to take effect, it would force Ohio payday loan
consumers to apply for payday loans via the Internet or call
Regulators cannot put an end to demand for payday loans! At
best, they simply force consumers to reveal their social
security and bank account information to payday loan companies
residing in other states or offshore.
Additionally, the state loses the revenue derived from licensing
and auditing, employment and sales taxes. It’s ridiculous!! Why
not let the market dictate rates and fees by allowing
competition to exist? Guess they THINK they know what’s best for
ALL of us.
Ohio Payday Loans Laws & Legislation Developments
We like the fact that the payday loan industry remains creative
and optimistic about its future. Could that be because we
interface with our customer every day thus gaining tremendous
insight into their needs? Unlike those who continue to attack
our industry without doing the work necessary to understand the
payday loan industry and our customers?
Ohio regulators recently decided they know what’s best for all
of us by attempting to destroy our product and reduce the
financial choices available to their residents. This despite the
fact there have been virtually zero complaints by consumers
regarding our industry.
Had the regulators attempted to learn as much about the payday
loan customer as we have, they would have learned our product
cannot be stopped. By eliminating the ability of payday loan
stores to maintain physical locations in their state they have
simply forced residents of Ohio to secure their small $200 to
$1000 emergency loans from payday loan call centers and Internet
sites residing in other states and offshore.
Thus the state of Ohio loses licensing fees, auditing revenue,
jobs for Ohio residents (estimated to be 6,000+) and, most
importantly, the ability to protect their residents from abuse,
due-process, and privacy concerns.
Meanwhile, us pesky payday loan operators are creatively
developing new products and methods in order to continue to help
residents of Ohio meet their emergency financial needs AND make
Since controversial House Bill 545 first cleared the state House
of Representatives in April, six payday lending companies have
sought licenses to make loans under the state’s Small Loan and
the Ohio Mortgage Loan acts. Not as lucrative as payday lending,
short-term loans permitted under either statute can be made with
the equivalent of triple-digit annual percentage rates - similar
to the combination of fees and rates that prompted lawmakers to
target the industry with H.B. 545.
Payday lenders still must determine if we can remain profitable
by making small, short-term loans, and face the legal
difficulties. But these license applications indicate those of
us in the payday loan industry are not willing to quit Ohio, our
customers, or our revenue streams.
"We’re looking for ways to continue to service customers," said
Jeff Kursman, a spokesman for Mason-based Check ‘n Go, which
applied for 73 lending licenses under the Small Loan Act.
"Nothing is off the table."
Legal Status: Legal (-Low Cost)
Citation:Ohio Rev. Code Ann. §§ 1321.35 et seq.
Loan Terms:Maximum Loan Amount: $500Loan Term: Minimum: 31 daysMaximum Finance Rate and Fees: 28% annual interestFinance Charge for 14-day $100 loan: $1.08APR for 14-day $100 loan: 28%
Debt Limits:Maximum Number of Outstanding Loans at One Time: One, four per
yearRollovers Permitted: None Cooling-off Period: 2 loan limit in 90 daysRepayment Plan: Yes, 60 days, no fees
Collection Limits:Collection Fees: Bank charges (if disclosed); $20 collection
charge; Court Costs after default; damages Criminal Action: Prohibited
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