Re: Payday Lending Part Deux

On Fri, 16 May 2008 16:52:41 -0400, "Lisa Ann"
<lisa-ann@[EMAIL PROTECTED]
> wrote:

>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.



You make a convincing argument for the payday stores in Ohio.  It
seems like your lobbyists dropped the ball.

Les