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National Group Opposes Changes to Ohio's Payday Lending Reform Bill

Photo of Huffman proposing changes
KAREN KASLER
/
OHIO PUBLIC RADIO
File photo of Rep. Matt Huffman previously testifying about payday lending bill

A national group that says Ohio’s payday lending rates are the highest in the nation came out strongly against possible changes to a bill that would crack down on the industry. Lawmakers are suggesting a vote on the bill could come this week.

The bill would cap interest rates at 28 percent. Nick Bourke with the Pew Charitable Trusts told a Senate committee that Republican Sen. Matt Huffman’s ideas to replace that cap with consumer protections like no cost payment plans and referrals to other lenders or bankruptcy attorneys won’t bring down the cost of payday loans.

“These add confusion and complexity and cost to the process without necessarily protecting consumers,” said Bourke.

But Republican Sen. Bill Coley said the bill can’t pass in its current form. “Amendments to this bill are vital because it’s just, it’s unworkable the way it is,” according to Coley.

The bill, which payday lenders say will kill the industry, passed the House overwhelmingly, and no changes to the bill have been officially offered yet.

Karen is a lifelong Ohioan who has served as news director at WCBE-FM, assignment editor/overnight anchor at WBNS-TV, and afternoon drive anchor/assignment editor in WTAM-AM in Cleveland. In addition to her daily reporting for Ohio’s public radio stations, she’s reported for NPR, the BBC, ABC Radio News and other news outlets. She hosts and produces the Statehouse News Bureau’s weekly TV show “The State of Ohio”, which airs on PBS stations statewide. She’s also a frequent guest on WOSU TV’s “Columbus on the Record”, a regular panelist on “The Sound of Ideas” on ideastream in Cleveland, appeared on the inaugural edition of “Face the State” on WBNS-TV and occasionally reports for “PBS Newshour”. She’s often called to moderate debates, including the Columbus Metropolitan Club’s Issue 3/legal marijuana debate and its pre-primary mayoral debate, and the City Club of Cleveland’s US Senate debate in 2012.