State Rep. Michael Ashford (D-Toledo), a joint sponsor of House Bill 123, today issued the following statement in response to Gov. Kasich’s signing of the bill to crack down on predatory short-term lenders in Ohio:


“After years of discussions, false starts and negotiations, I am proud that predatory lending reform today is becoming a reality for the consumers and families of Ohio. For the last decade, predatory lenders have exploited a loophole in Ohio law and taken advantage of consumers by charging some of the most outrageous and unfair interest rates and fees in the nation.


“Our bipartisan reforms in House Bill 123 will ensure Ohioans can still access short term loans, but in a way that’s honest, open and fair to working families and consumers in this state. I applaud Governor Kasich for his swift signature of this badly needed legislation, and I look forward to the positive outcomes this effort will have for generations to come.”

 
 
 
  
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Ashford's Bipartisan Predatory Lending Reform Bill To Become Law

 

State Rep. Michael Ashford (D-Toledo), a joint sponsor of House Bill 123, today issued the following statement in response to Gov. Kasich’s signing of the bill to crack down on predatory short-term lenders in Ohio:



 
 

Crucial Consumer Protections Headed To Governor's Desk

 

House Democrats today applauded the passage of House Bill (HB) 123, a bipartisan effort to enact consumer protections for the thousands of Ohioans who utilize short-term loans every day. Borrowers in Ohio currently pay some of the highest rates in the nation for payday loans, with estimated average interest rates at over 500 percent.