Columbus – Today, Assistant Democratic Leader Charleta B. Tavares (D - Columbus) expressed her concern over the recent Ohio Supreme Court ruling in favor of Pay Day Lending operators who continue to side step the legislative intent of the Ohio General Assembly to protect consumers from egregious loan practices with the Short-Term Loan Act.
 
On June 11, the Supreme Court overturned an appellate decision prohibiting lenders from manipulating a loophole in the lending law that allows them to continue unfair lending practices. Since the passage of the 2008 restrictive legislation, many of the companies are now operating under the Mortgage Loan Act, which has no sanctions on unscrupulous practices such as excessive loan interest rates and unreasonable payback periods. Tavares plans to introduce legislation addressing the lack of regulation within the Mortgage Loan Act to prevent lenders from using the law to circumvent limitations.     
 
“The intent of the members of the Legislature was to protect consumers from predatory and unreasonable loan practices," stated Senator Tavares.  "Allowing payday operators to find a way around our intent and continue to take advantage of and hurt those who are economically challenged in our community is unethical and immoral.  We cannot let them slip through the loophole or find a way to continue these practices.”
 
The Supreme Court was clear in its ruling that the General Assembly failed to properly address an industry with substantial economic ramifications. This legislative breakdown has resulted in continued inequity and injustice for low-income individuals and families in a state with the fourth largest use of payday lending in the nation. The General Assembly will be working with the Coalition for Responsible Lending as well as the Consumer Financial Protection Bureau to protect Ohio residents. 

 

 
 
 
  
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