OHIO HB 545, and why Im torn...

An article in the Dayton Business Journal states that Ohio House Bill 545:
would cap annual percentage rates on payday loans at 28 percent, extend the repayment period to 31 days from 14 days and cut the maximum loan amount to $500 from $800. Representatives of the state’s 1,638 payday lending shops have said the House measures would kill the industry, particularly with the percentage rate caps. Payday lenders can charge up to $15 per $100 loaned over a 14-day period, which converts to an annualized 391 percent. Instituting a rate ceiling at a fraction of the current maximum, as H.B. 545 and two other bills have proposed, would cap fees at a few dollars per $100.

In a nutshell, I am out a job, albeit a stressful, low paying job, its a job nonetheless.

Here is my beef with HB 545.

What right does anyone have to tell us how to manage our finances? Sure payday loaning can be a "death-trap" if one doesn't use it responsibly, but so can credit cards and overdraft protection.

My bank once bounced a check for .06. That's 6 cents, my bank sent a check back to a grocery store for 6 cents. That's 28.00 for the NSF fee, 30.00 for the grocery store NSF fee. So it cost me 58.00 because I was .06 short in my checking account. I am sorry, but 15.00 fee to borrow 100.00 for a two week period makes much more sense than 58.00 for .06!

Ive been looking online for people's opinions on Ohio HB 545. Some people are totally against it, others are completely for it. I personally believe that some regulations could be put in place to educate consumers on how to use a payday advance responsibly. I don't feel that Ohio has the right to put 6,000 people into the unemployment lines because they don't agree with an APR that doesn't even apply to loan that one takes out for two weeks.