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End the Payday Loan Debt Trap in Ohio
  1. Signatures
    206 out of 500
    Petitioning
    1. Speaker of the Ohio House of Representatives (+ 1 other)
      Petitioning
      close
      • Speaker of the Ohio House of Representatives (Armond Budish)
      • President of the Ohio Senate (Bill Harris)
  2. Created By
    Carl Chancellor
    Akron, OH
About this Petition Petition Letter

The mob offers better rates and easier terms than payday lenders.

With products also known as "payday advance" or "cash advance," payday lenders strip millions of dollars from poor and minority communities every year by offering dubious loans that are designed to keep people in a cycle of debt.

Billions of dollars each year in fees and interest rates of 400 to 900 percent are coming out of the pockets of people who can least afford it.

In 2008, nearly 3.4 million Ohioans voted to cap annual percentage rates on payday loans to 28 percent, where the average rate had been around 391 percent. Problem solved, right?

Not when it comes to payday lenders, who promptly found several loopholes in Ohio law that allowed them to weasel around the will of the voters and continue to charge outrageous interest rates.

Ohio lawmakers have been considering a bill (HB 209) that will close those loopholes.

Sign the petition to voice your support for a strictly enforced interest rate cap, the only proven means to get a grip on this out-of-control industry.

It's time for us to push our federal and state lawmakers to put a stop to the kneecapping of our most vulnerable citizens by ending the corporate thuggery of payday lenders.

Photo credit: taberandrew

Recent Signatures

End the Payday Loan Debt Trap by Enacting H.B 209

Greetings,

It's time to pass the "Issue 5 Payday Lending Enforcement Act," sponsored by Rep. Matt Lundy (D-Elyria).

Among other things, the legislation would close several loopholes in the Small Loan Act and the Mortgage Loan Act that payday lenders have exploited to continue their predatory business model. The Payday Lending Enforcement Act would: require an interest rate cap of 28% for all loans up to $1,000 made for a term of 3 months or less. In addition, the legislation would eliminate check cashing fees and provide Consumer Sales Practice Act protection to those loans under $1,000.

This legislation will put a stop to the debt trap quickly and decisively.

I urge the members of the Ohio General Assembly to close these loopholes and to act expeditiously to protect Ohio consumers.

[Your name]

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