Ohio lenders hanging in there

Ohio has been a pretty hairy situation. An article in Cleveland.com titled “Democrats seem in no rush to fix Ohio lender loophole.” by Thomas Suddes. Among other things, he had this to say:

“Lenders say they told legislators in 2008, and legislators understood, that lenders would indeed substitute mortgage and small-loan borrowing for the banned loans. (But lenders also claimed Widener’s bill would run them out of Ohio altogether.) Then there’s a “fairness” argument: Payday lenders argue the General Assembly won’t clamp down on banks’ bounced-check and cash-advance fees. (One reason for that: For most purposes, Congress monopolizes banking law.) Also on the table: The “use” or “market” argument: If no Ohioan ever needed a payday loan, the lenders would vanish. That is, unless Ohio assures poor Ohioans more credit options, Ohio should let lenders be.

The Ohio lenders are definitely making their case.

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