Brian Laliberte Quoted in Crain's on STLA Effect on Payday Lenders
March 6, 2017
On March 4, Crain's Cleveland Business quoted Brian Laliberte in "Ohio's Payday Problem." The article explores Ohio's short-term loan industry and loopholes in Ohio law that allow payday lenders to charge different layers of fees that inflate interest rates to nearly 600%. Although lawmakers passed the Short Term Loan Act (STLA) to "rein in" the industry, it has virtually no effect on payday lenders.
"As I understand it," Brian said, "there isn't a single payday lender registered in Ohio under the STLA. No one is doing business under the STLA."