Vote YES for Issue 5 Press Conference with Richard Cordray

Republican Attorney General candidate Mike Crites and Democratic rival Richard Cordray said preservation of the reform law is one of the few issues that unites them - and is an issue that should unite the electorate.

Cordray, who is Ohio's state treasurer, pointed to the recent troubles on Wall Street and asked, "Haven't Ohioans had enough of fancy financing that hurts families and communities? Payday loans hurt families and communities.''

Cordray disputed the lenders' assertion that the "yes'' vote would cost Ohio 6,000 jobs.

"The state has avenues for lenders to pursue to serve people who need short-term loans,'' Cordray said. "Of the 1,378 lenders in Ohio, 702 have applied for or received licenses under the Small Loan Act and 550 have sought an Ohio Mortgage Loan Act license. Both licenses allow lenders to make small loans -- but do so at a much lower interest rate.''

Both the job-loss figure and warnings about the database are contained in a new mailing the lenders sent to those who requested an absentee ballot.

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