Opinion: Ohio’s Fairness in Lending Act made a difference, but vigilance is needed

Written by: Katherine Barr Hollingsworth, Contributed to Cleveland.com
Published: May 19, 2024

CLEVELAND, Ohio -- In Shakespeare’s “Henry IV,” Falstaff complains how borrowing to pay his debts will never get rid of the problem – and the debt simply persists:

“I can get no remedy against this consumption of the purse: borrowing only lingers and lingers it out, but the disease is incurable.” -- Henry IV, Part 2

Much has changed since Shakespearean times, but lingering incurable debt remains a problem for Americans with low income.

However, the Ohio General Assembly took steps to address this debt problem -- which Falstaff would have appreciated -- by passing the Ohio Fairness in Lending Act in 2018. The Act’s final provisions went into effect five years ago, on April 27, 2019.

After several attempts to rein in predatory payday lending, this bipartisan reform measure had three fundamental goals to help Ohioans needing small loans: affordable payments; lower prices; and reasonable time to repay.

Full article can be accessed at:
https://www.cleveland.com/opinion/2024/05/ohios-fairness-in-lending-act-has-made-a-difference-more-is-needed-katherine-barr-hollingsworth.html