PSA: Ohio's Issue 5
Oct. 29th, 2008 01:33 pm![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
branchandrootThis is just a quick post for any Ohio voters hereabouts, on Issue 5, the payday lending issue.
This is the referendum on the law that would require payday lenders to only charge 28% interest instead of the 391% that appears to be more common.
Now, alert readers may well be thinking "Wait, don't we already have laws against that kind of thing? Isn't it called usury?" And they would be correct; we do and it is. However, at some point in the past, by some slight of lobbying hand, payday lenders got themselves specifically exempted from those laws.
So the law now in question would, in fact, just require them to abide by the anti-usury laws like everyone else.
I do not normally consider our governmental system capable of effectively regulating anything, including its own breathing, but this one seems like a bit of a no-brainer.
This is the referendum on the law that would require payday lenders to only charge 28% interest instead of the 391% that appears to be more common.
Now, alert readers may well be thinking "Wait, don't we already have laws against that kind of thing? Isn't it called usury?" And they would be correct; we do and it is. However, at some point in the past, by some slight of lobbying hand, payday lenders got themselves specifically exempted from those laws.
So the law now in question would, in fact, just require them to abide by the anti-usury laws like everyone else.
I do not normally consider our governmental system capable of effectively regulating anything, including its own breathing, but this one seems like a bit of a no-brainer.
