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How can I make PayDay Loans illegal in my state?*
I know payday loans are illegal in 15 states, but how did they become illegal? Where can I find copies of the legislation bills that banned payday loans? What are the steps I have to go through to make payday loans illegal in my state?
Thank you. Your help is greatly appreciated.
Answers:
1) First, get elected to your state senate, then give me a call.
2) Put them out of business. Get the state to pass a law limiting the maximum possible interest rate to 30 annually.
3) Lobbyists were required to bust their tails to educate legislators in the individual states. What you need to do is to find a state senator and/or representative who is willing to draft and sponsor a bill that bans short term/high interest loans in your state. Google the name of the states that ban pay day lending for information on each state. Here is what I typed to get the Ohio bill: "ohio state law short term loans" http://www.lsc.state.oh.us/fiscal/fiscalnotes/127ga/hb0545in.htm. This will take you to House Bill 545. You can read the actual bill by clicking on HB 545, and you can read the report in support of the legislation. This is the kind of information that will be critical in convincing your elected representative to sponsor and support the bill.
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