Austinburg Township Fiscal Officer David Thomas testifies ahead of the Ohio House national Accountability and Oversight Committee on Ohio home Bill 123, built to protect customers from high rates of interest and charges on short-term or вЂњpaydayвЂќ loans, Wednesday in the Ohio Statehouse in Columbus.
Ohio House legislators heard hours of testimony this week on a bill to restrict astronomical rates of interest and charges on short-term loans, igniting debate on whether вЂњpaydayвЂќ lenders offer required advances to underserved consumers or produce вЂњdebt traps.вЂќ
Austinburg Fiscal Officer David Thomas, member associated with the Ohioans for cash advance Reform Coalition, which formed meant for Ohio home Bill 123, is certainly one proponent for the bill. He testified ahead of the House national Accountability and Oversight Committee Wednesday, throughout the billвЂ™s second hearing.
Citing research carried out by the non-governmental Pew Charitable Trusts, Thomas told the celebrity Beacon in September OhioвЂ™s typical rates of interest on pay day loans would be the greatest when you look at the nation вЂ” close to 600 per cent.