Substitute HB 123 passed the Senate by a vote of 21-9. The Catholic Conference of Ohio joined with other faith communities in calling for the reform of Ohio’s payday lending practices. Substitute House Bill 123 provides consumer protections consistent with the intent of Ohio’s 2008 Payday Reform Act. This bill will help protect borrowers from excessive payday lending fees while allowing lenders to maintain reasonable cost-of-business fees.
The Catholic Conference of Ohio supports lending models that provide fair and helpful loans for persons in need. In the teachings of our faith, we have many warnings about usury and exploitation of people. Lending practices that, intentionally or unintentionally, take unfair advantage of one’s desperate circumstances are unjust. Catholic Social Teaching demands respect for the dignity of persons, preferential concern for the poor and vulnerable, and the pursuit of the common good. These principles coupled with our teaching on economic justice animate our questioning of current payday lending practices.
Release from Ohioans for Payday Loan Reform
Watch the Senate floor debate