Payday Lending Opponents Speak Out Against Bill Delay
An anti-payday lender group is crying foul after a bill to reform the industry was once again delayed in committee. The coalition says the hesitation from lawmakers only intensifies their drive to put the issue on the November ballot.
Carl Ruby with Ohioans for Payday Loan Reform has been following the bipartisan bill for more than a year, and thought a compromise would go forward this week. But he says the reason the bill to regulate the interest rates and fees of payday lenders didn’t move is because the industry has a tight grip on lawmakers.
“Every day that there’s a delay heightens the urgency of getting the ballot…initiative on the ballot so voters can have their say. Every day is a motivation in that process," Ruby said.
Republican House Speaker Cliff Rosenberger resigned this week as sources suggested a trip to London with title lending industry lobbyists last year was of interest to the FBI. Ruby says he has no doubt Rosenberger was too cozy with payday lending lobbyists.