Post 68
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Issue 5
Referendum on legislation making changes to check cashing lending, sometimes known as “payday lending,” fees, interest rates and practices.
“If a majority of Ohio voters approve Section 3 of H.B. 545, all short term lenders, including check cashing lenders, would be subject to the following limitations:
The maximum loan amount would be $500;
Borrowers would have at least 30 days to repay the loan; and
The maximum interest rate would be 28% annual percentage rate (APR) on all loans.”
The maximum should be slightly higher (say about 1000) so that it could cover a months car and rent payments. This, however, is of little importance. I feel that the 30 days minimum is a good idea for a payback method. These are supposed to be short term loan agencies, and 30 days is a perfect amount to make sure they can afford it. This also means that there can be less obscene overage charges as the borrower has more time to get the money gathered to repay the loan. As for the interest rate, 28% APR is high, but still well within a payable amount (for the borrower) and a profitable amount (for the loan company).
From the against 5 committee - “By voting NO on Issue 5, you will preserve the jobs of thousand of employees within the financial services sector. In Ohio’s difficult economy, further job losses should be avoided, particularly good jobs - with competitive salaries and benefits”
This is one of those fear arguments. Seeing as most of the companies have already started to file under this system, and seeing that most will still make a fair amount of money, there is little chance that most of the loaners will shut down. I feel that while jobs are important, they are not worth a sacrifice of the loss of homes and bankruptcy of other Ohioans. Furthermore, as has been shown, there is no real loss of jobs at all.
Issue 5 is a good proposal as it makes sure that all Ohioans have a chance to still get loans for those days that they are short on cash. Furthermore, it makes sure that all who use said loans then are not in danger of loosing their homes and financial freedoms due to these loans. In the end, by helping keep Ohioans financially free, and helping to preserve jobs, Whalertly endorses Issue 5.
Issue 6
to amend the constitution by initiative petition for a casino near Wilmington in southwest Ohio and distribute to all Ohio counties a tax on the casino.
“Authorize one privately owned casino with a required minimum initial investment of $600 million dollars on a 94-acre site located near the northwest corner of State Route 73 and Interstate 71 in southwest Ohio in Chester Township near Wilmington, Clinton County, Ohio.”
Blah Blah Blah, this is merely what it does, no actual discussion needed...
“Require the casino to pay a tax of up to 30% on its gross receipts for gaming less payouts. The taxes are to be used first to pay expenses of regulating and collecting taxes from the casino, then for funding of gambling prevention and treatment programs, and the remainder to be distributed in the amount of 10% to Clinton County and 90% to the remaining counties based on population and to be used at each county’s discretion.”
The tax is not enough in my opinion. While there is a large tax base created by this casino, I feel that we should tax it far more. I propose we amend this to 50% tax. This keeps our economy running and would help even more to keep those who become addicted having treatment. That said, I like the distribution plan otherwise.
“Reduce the tax paid by the casino authorized by this amendment to the lesser of the rate taxed on another casino or 25%, in the event another casino is permitted in Ohio in the future.”
This is my biggest issue with this proposal, and this is the loophole mentioned in the commercials. While 25% is not that big of a deal compared to the 30%, we are talking about MILLIONS of dollars not going to the state. Plus, it is then only half of what I want it to be. As for the loophole, assuming we charged another casino no tax (for say, 5 years like we do with Car plants) then this casino would owe nothing. This to me is outrageous, and we should not allow a changeable tax rate put in. We should have one that is set.
“Require that the casino be subject to all other applicable types of taxes that are currently in effect in Ohio.”
I assumed they would be paying golf, show, food, and liquor taxes. Don't see why this is even in here.
“Authorize the casino to conduct any game permitted in the State of Nevada, or any state adjacent to Ohio, including any type of card or table games, slot machines, and electronic gaming devices, except bets on races or sporting events. Only persons age 21 and over would be permitted to place bets. Amounts of bets would not be subject to any limits now or in the future. Days and hours of operation would not be subject to limits. “
Okay, so I have two issues with this: What if Nevada comes up with some sweet-ass gambling situation similar to the Gladiatorial Arena in Rome? Well, then this casino can do it too. I know this is a far stretch, but something like that could happen. The other part is the age. I think that if you are over 18 (our legal age, plus you can do the lotto then) you should be allowed to gamble. Days, hours, and size of bets should be governable by our state. Furthermore, if we amend the state Constitution later, this part doesn't matter.
“Set aside the application to the casino of all local and state laws and any constitutional provisions that would prohibit the operation of this privately owned casino, including any local zoning law that would prohibit or place restrictions on a casino from operating on the property in question.”
This is absolutely a horrible idea. The locale should be allowed to govern certain rules that deal with the casino and its property in general. Furthermore, as pointed out above, this regulation means nothing if we later change the state Constitution.
A proposal for a casino in this state has been turned down time and time again. The people of this state do not want a casino, and they don't for very good reasons. This casino makes no guarantee about the amount that it will put into the economy, it harms the citizens, and it does have some loopholes. Furthermore, it opens the door for Indian casinos to come into this state. Due to the dangers presented to the citizens of Ohio by having a casino, and due to the fact that there is little oversight of it, Whalertly says NO to Issue 6.
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