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07:41PM (15 mins delay)
Jun 01, 2009 - 4:47 AM EDT
What backroom dealings are going on in Ohio government these days? Could it be that the forces opposed to payday lending ((PDL)) have given the nod and wink to the Ohio Division of Financial Institutions ((DFI)) to create a chilling effect on lenders? There's certainly an argument to support that position.
A quick recap of Ohio payday lending. Last year, a politically-motivated firestorm against PDLs took place. When it was discovered that a Democratic Assemblywoman had a husband who lobbied for PDLs in Virginia, Republicans orchestrated political payback by backing a law designed to kill PDLs. The new law, called the Short Term Loan Act, put a 28% APR cap in place, a rate at which lenders could not survive.
Source: Seeking Alpha (Jun 01, 2009 - 4:47 AM EDT)
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