Thomas Testifies to Ohio Senate Committee for Payday Loan Reform
Columbus- Austinburg Township Fiscal Officer and Coalition member of Ohioans for Payday Loan Reform David Thomas joined other supporters of Payday Loan Reform at the Statehouse Thursday to testify in support of H.B. 123 before the Ohio Senate Finance Committee.
"I've heard from many residents who share their concerns and personal stories of the hardships faced following a cycle of debt in Payday Loans", shared Thomas. "I'm advocating for this reform because as a local leader, I recognize the difference between the private sector serving a need and bad actors exploiting the vulnerable."
H.B. 123 would cap the A.P.R. on short term loans in Ohio to 28% allowing for more reasonable charges to consumers and flexible payback periods. "Our Bill's simplicity is its great asset to residents. A ceiling of 50% of the loan can be charged to consumer in interest rates and fees and the monthly payment can't be higher than 5% of their income", shared Thomas. "To me, that's a straightforward approach that everyone can understand."
The reform bill passed the Ohio House overwhelmingly on June 7th and was sent to the Ohio Senate where it currently awaits action.
Thomas is a candidate for Ashtabula County Auditor on the November 2018 ballot.