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Pay day loan reform bill gets 2nd hearing in home

Pay day loan reform bill gets 2nd hearing in home

Austinburg Township Fiscal Officer David Thomas testifies prior to the Ohio House national Accountability and Oversight Committee on Ohio home Bill 123, made to protect customers from high interest levels and costs on short-term or “payday” loans, Wednesday in the Ohio Statehouse in Columbus.

COLUMBUS

Ohio home legislators heard hours of testimony this week on a bill to restrict interest that is astronomical and costs on short-term loans, igniting debate on whether “payday” lenders offer required advances to underserved consumers or produce “debt traps.”

Austinburg Fiscal Officer David Thomas, a known user of this Ohioans for cash advance Reform Coalition, which formed meant for Ohio home Bill 123, is just one proponent for the bill. He testified prior to the House Government Accountability and Oversight Committee Wednesday, throughout the bill’s second hearing.

Citing research conducted because of the non-governmental Pew Charitable Trusts, Thomas told the celebrity Beacon in September Ohio’s typical rates of interest on payday advances would be the highest in the nation — close to 600 per cent.