The issue of faith comes into state politics in issues such as abortion and health care. But faith leaders came to the Statehouse on Wednesday to speak out on another issue that hasn鈥檛 seen much action in nearly a decade: Payday lending.
鈥淟ord, we cannot imagine a Heaven where Your will includes poverty profiteering,鈥� said Troy Jackson of Cincinnati鈥檚 anti-poverty program
Jackson recited the prayer to start the event calling for movement on a bill on payday lenders.
The last payday lender crackdown passed in 2008.
The latest bill has bipartisan sponsorship, and would cap interest rates at 28 percent, and monthly payments at 5 percent of the borrower鈥檚 monthly income.
鈥淏asically, we鈥檙e saying if you are offering a loan of less than $5,000, you can鈥檛 use that loophole anymore,鈥� says the bill鈥檚 Republican sponsor, Rep. Kyle Koehler of Springfield.
Koehler鈥檚 bill would also prohibit car title loans, but he says he鈥檚 open to negotiations on that.
, and Ohioans want more regulations on them.
Payday lenders say they provide a needed service and that their satisfied customers are aware of the costs.
Koehler says he hopes to bring all interested parties together for a meeting about the bill next week.
