I thought this was an interesting quote in the Hudson Hub Times:
A Democratic state lawmaker who sponsored legislation last year to limit
high-interest payday lending said March 11 he was embarrassed that the
storefronts continue to operate throughout Ohio.
Why would a state government want to put an industry out of business? Why stop at 28%? Why not make the interest rate cap at 4%? My point is who has the right to set interest rates? The answer should be no one. It’s called a free market.
Now, if they really wanted to help people, they would regulate the collection practices. Borrowers should just get locked out of the system until they pay. This should not be driven by a state database. It should be left to the private sector by companies like Teletrack and CL Verify.
