Full House, Senate Must Act To Enact These Fair, Overdue Reforms
COLUMBUS – April 18 – Ohioans for Payday Loan Reform applauded the Ohio House Government Accountability and Oversight Committee for today voting 9-1 to send House Bill 123 on to the full House for a vote. If it becomes law, HB123 would make vast improvements to the payday lending landscape in Ohio.
Committee members voted overwhelmingly in favor of the bill as introduced more than a year ago by Reps. Kyle Koehler, R-Springfield, and Mike Ashford, D-Toledo. The only dissenting vote came from Rep. Bill Seitz, R-Cincinnati, who unsuccessfully tried to make amendments to the bill.
“It has been a long, difficult road to get this bill through committee,’’ said Springfield Pastor Carl Ruby, one of the coalition’s leaders. “I thank the majority of committee members who finally saw how much this will help hundreds of thousands of Ohio families trapped in debt and save them millions of dollars each year.
“But I especially want to thank Reps. Koehler and Ashford, who have demonstrated a sustained tenacity in working on this vital effort to protect Ohio residents,’’ said Ruby. “It’s not been easy in the face of payday lenders’ well-heeled lobbying efforts.’’
Coalition leaders also acknowledged Rep. Kirk Schuring, who had worked on amendments to HB 123 but, ultimately, agreed that the original bill should be voted on. “We might not have agreed with everything Rep. Schuring was working on, but we believe his heart was in the right place,’’ said David Thomas, a coalition leader from Ashtabula County.
“It is important that the full House move quickly to approve the bill and send it on to the Senate,” said coalition leader Nate Coffman of the Ohio CDC Association. “We can’t let them forget that in the first year this bill was stalled in committee, it cost Ohioans an estimated $75 million,’’ said Coffman. “The full House and the Senate can’t let that happen any longer. We encourage them to act swiftly in the best interests of all Ohioans.’’
Ohio has the dubious distinction of having the highest lending rates in the nation, with typical annual percentage rates on payday loans approaching 600%.