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Testimony to your Senate banking institutions Committee on Senate Bill 355

Testimony to your Senate banking institutions Committee on Senate Bill 355

I am Kalitha Williams and I also have always been the insurance policy liaison for asset building at Policy issues Ohio, a nonprofit, nonpartisan company using the objective of fabricating a more successful, equitable, sustainable and comprehensive Ohio. Could work centers around home stability that is financial customer security issues in Ohio. We additionally convene Ohio MONEY, a statewide coalition of companies centered on enhancing the economic and fiscal conditions for low- and moderate-income families and communities into the state. I will be composing the users of the Committee, to state our opposition to Senate Bill 355.

Ohio posseses a regrettable history with payday financing. Payday lending was authorized in Ohio by the Check Cashing Loan Act in 1996. Eleven years later on, the industry ballooned from 107 shops to 1,638.1 In 2008, the Ohio General Assembly and Ohio voters, through legislation and a ballot that is statewide, overwhelmingly chose to restrict payday financing by producing the Ohio Short-Term Loan Act. Inspite of the most readily useful efforts of legislators, customer advocates and Ohio voters, payday lending had grown and start to become more lucrative towards the detriment of susceptible families. Not merely do Ohio payday loan providers continue steadily to charge a number of the interest rates that are highest in the united states, typically at 677%2, but every year over $500 million in payday financing costs is drained from family members spending plans as well as the Ohio economy. 3

Installment loans would be the iteration that is newest of payday lending.
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