Ohio AGs line up against payday loan industry
October 17, 2008
COLUMBUS, Ohio -
Two former Ohio attorneys general and two current candidates for the job have come together to oppose an effort to repeal a strict payday lending law.
Former Attorneys General Betty Montgomery and Jim Petro joined candidates Mike Crites and Richard Cordray on Wednesday in calling payday lenders a deceptive industry that preys on the most vulnerable Ohioans.
The industry is running an expensive ad campaign hoping that voters overturn a law that drastically cuts the interest rates they can charge on loans from 391 percent to 28 percent.
Gov. Ted Strickland, House Speaker Jon Husted and Senate President Bill Harris also oppose the industry's efforts. The industry says the law will kill 6,000 jobs and take away financial choice.
Source: http://www.forbes.com
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