Comments on: Storm ahead: Ohio payday lending run amok, MedMart deal & population decline

By: Dennis

Dennis — Fri, 05 Sep 2008 15:22:34 +0000

If any payday lenders decide to close, that is their decision and their decision alone. Over 1,000 of our state’s 1,600 plus payday loan stores have applied for licenses to operate under the new law.

Again, let’s keep in mind that over 300,000 Ohioans, each year, are trapped in cycle of debt. The average borrower is stuck recycling these loans for 18 to 24 months! Being in a spiral of debt for so long is not good for our families, our communities or our economy. The only thing the debt trap is good for is big profits for the payday industry and their lobbyists!

Vote yes on issue 5!

By: Chuck Butcher

Chuck Butcher — Fri, 05 Sep 2008 03:55:01 +0000

Oregon essentially killed Payday Loan by lowering the APR that can be charged. There may be a couple left, but thousands gone.

By: Dennis

Dennis — Thu, 04 Sep 2008 19:37:16 +0000

As you’ve probably noticed, the payday lobby has been working overtime in our state to convince voters that 391% interest amounts to financial freedom. Between the millions of dollars in ads and the enumerable incidences of payday lending circulators lying and deceiving voters, November’s Issue 5 will be confusing at best.
Here’s a video with Ohio voters detailing their experiences with payday lending petitioners: http://www.youtube.com/watch?v=zDoeXujagE4. This Sunday, the payday lobby submitted their signatures to the Secretary of State. I’d bet that a nice percentage of those signatures will be thrown out due to a large number of unregistered voters. There are thousands more signatures that were clearly collected under false pretenses – some people believing that their signature will help to “lower interest rates” on payday loans, which is completely contrary to the truth.
The Plain Dealer has a good editorial that may help clear up the issue for voters: http://www.cleveland.com/editorials/plaindealer/index.ssf?/base/opinion/1220171618297310.xml&coll=2%20
Spread the word! Vote Yes on Issue 5 for lower interest rates!
http://www.yesonissue5.com

By: Dennis

Dennis — Mon, 25 Aug 2008 13:50:49 +0000

Payday lending is a scourge on our families and our communities. The payday lobby is doing their best to overturn House Bill 545, which ends the usurious practice of charging 391% interest on payday loans. The out-of-state payday lobby is spending millions of dollars on misleading advertisements suggesting that 391% amounts to financial freedom!
391% interest is not freedom! Usury is not freedom! End predatory payday lending in Ohio by voting yes on issue 5!

http://www.yesonissue5.org

By: Jill Miller Zimon

Jill Miller Zimon — Sun, 23 Mar 2008 02:54:10 +0000

People read should read Susan’s post. The collective citizen journalism on the Med Mart/Convention Center has been outstanding and we have a real archive building.

I can’t really speak for everyone, but I have to believe that they feel like me: we would all LOVE LOVE LOVE to be proven wrong on our skepticism. But it just sucks to be burned over and over.

By: Anon

Anon — Sat, 22 Mar 2008 03:14:31 +0000

Now that the memorandum of understanding (MMOU) between MMPI and the county commissioners is available, the answer to the question below becomes clearer. 1) Why is MMPI being given ownership of the convention center for twenty years? (That’s right, MMPI will OWN the tax payer-financed convention center.) Why wasn’t it given a long-term lease? Based on the MMOU, it appears that the county will float bonds for the convention center, then loan the bond proceeds to MMPI. MMPI will use the loan to build a convention center/med mart that it will initially own. MMPI will lease the CCMM to the county under a lease-purchase agreement (essentially, rent-to-own in twenty years). The county will then use sales tax proceeds to make its lease payments to MMPI. MMPI will use these lease payments to pay back its loan to the county. The county will then use the loan payments to pay off the bonds. Sound convoluted? You bet. (The above description probably oversimplifies, but captures some major money flows.) Susan Miller points out a line from the MMOU, "The County understands that it is the intention of MMPI that the rentals to be paid under the Lease will be qualified income for REIT purposes." I assume the reason for the complex string of transactions described above (and initial ownership of the CCMM by MMPI) is largely driven by tax considerations for MMPI.

By: Jill Miller Zimon

Jill Miller Zimon — Fri, 21 Mar 2008 18:41:12 +0000

Dennis – thanks for reading and commenting AND identifying yourself as a candidate for office. Good luck – can you tell us where the 60th is?

By: Jill Miller Zimon

Jill Miller Zimon — Fri, 21 Mar 2008 18:40:19 +0000

Anon what DO you do for a living?

Great questions. We’ll try to keep following – I know several Ohio bloggers are trying.

By: Jill Miller Zimon

Jill Miller Zimon — Fri, 21 Mar 2008 18:39:44 +0000

Joel, that’s why you da pro.

By: Jill Miller Zimon

Jill Miller Zimon — Fri, 21 Mar 2008 18:39:19 +0000

Greg – I assume you mean criminally small?