For Immediate Release

Contacts: Nancy Lesic, 216.392.9634 nlesic@lesiccamper.com

Betsy OConnell, 216.702.4331, boconnell@lesiccamper.com

Rally At Statehouse Urges Action On Pending Legislation

That Would Reform Payday Loans In Ohio
Borrowers In Ohio Gouged By Highest Interest Rates In U.S. at 591%

COLUMBUS Nov. 1 - Ohioans from across the state rallied today on the Statehouse steps to
urge passage of long-needed legislation to reform payday lending.

Ohio has the dubious distinction of having the highest-cost payday loans in the nation, with typical
annual percentage rates on these small loans approaching 600%.

Ohioans in 2008 overwhelmingly voted in favor of reform to cap rates at 28%, but the payday loan
industry exploited a loophole, enabling them to charge unlimited fees for brokering loans.

In spite of the will of Ohio voters, payday lenders today are charging even higher prices than in
2008 and the problem is worse than ever, said Rep. Kyle Koehler, R-Springfield, who with Rep.
Mike Ashford, D-Toledo, introduced House Bill 123 earlier this year to reform payday loans.

This is something we should all care about. We can and must fix this situation. In addition to
making it harder for Ohio families to escape the cycle of debt, payday loans hurt Ohios economy,
as $145 million is paid in fees and interest each year, most going to out-of-state companies.

Speakers and attendees at the rally included representatives Koehler and Ashford, along with
representatives from rural and urban Ohio, cities and counties, non-profits, faither leaders and
other supporters of the bill.

Ohioans for Payday Loan Reform is a diverse statewide coalition of more than 100 individuals and
organizations that support passage of HB 123, which seeks to establish a maximum interest rate
on such loans of 28% plus a maximum monthly fee of $20. HB 123 would preserve access to small
loans while ensuring affordable payments, reasonable time to repay and lower costs, saving
Ohioans $75 million annually.
Every day this bill stalls, it costs Ohioans $205,479 adding up to more than $42 million since HB
123 was introduced in March. Supporters of HB 123 include veterans, faith leaders, business
groups, consumer advocates and more, conducted individual visits with their state legislators prior
to gathering at the afternoon rally and urged them to move the legislation forward

This unparalleled gouging of Ohioans by the payday loan industry is an embarrassment for Ohio, said
David Rothstein, chair of the Coalition for Safe Loan Alternatives and a leader of the payday reform group.
To the bipartisan group of state legislators who have stepped up to support HB 123, I say Thank you. To
House Speaker Cliff Rosenberger, who has refused to even schedule a public hearing on the legislation, I say
What are you waiting for?

Pastor Carl Ruby of Springfield, another coalition leader, agreed.

Its time to reform these outrageously high-priced loans and unbounded greed that hurts Ohioans
and their families, he said. Any fair-minded person who is not allied with the payday loan
industry quickly determines that reform is needed once they examine the facts.

Our coalition has met directly with Speaker Cliff Rosenberger, Chairman Louis Blessing, Majority
Floor Leader Bill Seitz, Speaker Pro Tempore Kirk Schuring and a majority of the members of the
Government Accountability & Oversight Committee, said Pastor Ruby. Yet no hearing on the bill
has been scheduled. While we are happy to participate in productive meetings, this legislation
and the Ohioans stuck in this predatory lending cycle deserves a public forum.

Coalition members have also said there are rumors that a competing, alternative bill may surface
that would purport to solve the payday lending problem, but would result in little or no
substantive change, including financial literacy efforts.

When a person is drowning it is not the time to offer to teach them how to swim, said Rep.
Koehler.

For more information, visit ohiopaydayloanreform.com

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