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Brian Laliberte Quoted in Crain's on STLA Effect on Payday Lenders

March 2017
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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."