Payday Lending Part Deux

I don't think we've got anyone from Ohio on this group, do we?

The Ohio Senate voted Weds to, effectively, put payday lenders out of 
business.  To my company, that means we'll be closing down approximately
289 
stores and terminating app 1156 people.  It also means that Ohio vendors 
will lose the $15 million dollars we pay in rent, utilities, 
repair/maintenance, etc each year.

Industry wide, we estimate that Ohio will end up with 6000 people out of 
work (our CEO today pointed out that this is the same as Goodyear
completely 
closing their Akron facility.)  Approximately 1650 pieces of retail
property 
will be closed.  Ohio will lose an estimated $278 million dollars in tax 
revenues (property, payroll, and so on.)

Way to go, Ohio.  Because, you know, Ohio doesn't have an existing problem

with unemployment, empty retail spaces and revenue shortfalls.

I know we've debated back and forth on whether or not payday lending was 
"predatory".  Obviously, being in the industry, I don't have a problem
with 
it.  Except that we really don't go out on the streets, shanghai people
and 
force them to take out payday loans.

I don't have the figures yet, and I'm hoping someone in IT will be willing

to get them (not just to satisfy my curiosity, but so that the folks in 
legislation can pass the information on to our lobbyists), but anecdotal 
evidence from other employees claim that in those states which have banned

payday loans, if a customer lives close to the border of a state that does

allow payday loans...they go across the border.  I talked to my boss about

it, and he's going to suggest that IT start mining our POS system to see
how 
many clients we have with a Georgia address, but who have gone into
Florida, 
Alabama, Tennessee or South Carolina for loans.  North Carolinians can
cross 
into Tennessee, South Carolina or Virginia.

Oh, and the bill (HR 545) also prohibits Internet Payday Lending.  I
really 
want to know how they're going to enforce that one.  Block the sites from 
being accessible if you're in Ohio?  Sort of like Google in China?

My company is still viable, so I'm not pu****ng my resume yet, but I'm 
getting really annoyed at the freaking do-gooder legislators who want to 
demonize us.

A recent Zogby poll in Ohio said that 84% of Ohioans don't really care too

much about payday lending, they're more concerned about keeping/finding 
their jobs.  They're worried about the war in Iraq.  They're worried about

which lunatic is going to be President this time next year.  Payday
lending 
is pretty far down on their list of "Things I need to really be upset 
about." In the same poll, 72% (I think) said that while there needed to be

additional regulations on payday lending (such as the database idea that 
Indiana implemented), banning it was not the solution.

The resolution passed 29-4.

Happy Weekend, all.

Lisa Ann