Legislators are not happy with short-term lenders in Ohio. Today, lenders in Ohio charge a small fee on a loan and then, many, will cash the check for a fee. Some lenders cash it as a convenience.
The essense of the bill is to stop short term lenders from getting licenses under other statutes that are construed as pro-lender.
I, personally, get a kick out of the Representative’s “holier than thou” quote:
“I want them to know when this thing comes out of the gate that this means business,”
You can read the full article titled “Rep. Matt Lundy introduces bill to combat payday loan clones.“
