The United Way of Summit County Board of Directors approved a resolution in support of State Issue 5, the reform of payday lending act.The Resolution reads as follows:
WHEREAS, the 246 member Ohio Coalition for Responsible Lending worked three years to reform payday lending in the State of Ohio;
WHEREAS, Governor Ted Strickland, Speaker of the House John Husted, Senate President Bill Harris, and overwhelming numbers of the Ohio General Assembly joined in a bi-partisan effort to pass H.B. 545, payday lending reform;
WHEREAS, H.B. 545 caps interest rates on payday loans at 28%, increases the term of such loans to 31 days, limits such loans to $500, prohibits a borrower from taking out more than four loans per year, provides access to other small loan lending, and bans internet lending;
WHEREAS, Yes on Issue 5 represents fair small loan lending, protects borrowers from the exploitation of payday lenders and will safeguard the reforms passed in H.B. 545;
WHEREAS, a Yes vote on Issue 5 will prohibit payday lenders from charging 391% APR on a two week payday loan;
WHEREAS, Yes on Issue 5 is supported by the AARP, religious leaders from around the State, the Ohio Manufacturer’s Association, and other state-wide organizations;
THEREFORE, be it resolved, that the Public Policy Committee and the Board of Directors of United Way of Summit County urge all voters in the County to vote Yes on Issue 5 during the 2008 General Election.
United Way of Summit County improves lives by mobilizing community assets for health and human services. For more information, call 330-762-7601, visit our website at www.uwsummit.org, or write to us at United Way of Summit County, 90 N. Prospect St., P.O. Box 1260, Akron, Ohio 44309-1260.
5 comments:
The United Way of Summit County sees payday lending for what it is: a predatory and defective product that isn't good for our families or our communities. 391% APR interest does NOT amount to financial freedom and the only way to lower interest rates to 28% APR is to vote yes on issue 5! I'll be voting yes on issue 5!
payday loans are so convenient thats its hard to say no. if you go into a branch you will probably be out in less than 15 minutes, cash in hand! and if you do it online its even more simple and fast than that. when money gets tight, dont stress about it, it happens to everyone. just know that payday loans can help.
It's so great that United Way is supporting Issue 5! Pay day loan sharks don't care about anything but their own profits, so they prey on the most vulnerable people. Vote yes on Issue 5!
No steve 391% apr on a two week loan amounts to 15.00.WHO ARE YOU STEVE?To tell people whats right for them financially?Anyone who supports a statewide government controlled database,is whacked.These so called advocates are not telling you that there funded by self help credit union out of North Carolina.There's a loop hole if issue 5 passes that allows out of state banks and credit unions to offer short term loans that are higher than 28% APR.So now we know why these guys are pushing so hard to get this thing passed.WAKE UP OHIO....TELL THE BANKS THEY HAVE MADE ENOUGH OF OUR MONEY!VOTE NO ON 5.....WWW.PAYDAYPUNDIT.ORG
There is a market driven solution that will be launching soon.
http://www.yadyap.com
Post a Comment