Representative Koehler Sends "Fairness In Lending Act" To Governor
"Fairness in Lending Act" is signed by Governor
Perhaps Koehler's biggest achievement, was the reform of Payday Lending in Ohio during his 2nd term in office.
It was in the Fall of 2016 that Kyle Koehler met with business leaders, church pastors and others at Young's Jersey Dairy to talk about predatory lending in Ohio. Springfield Ohio, located in Koehler's district, was known as the epicenter of predatory lending in Ohio... and Ohio was known as one of the worst states in our country when it came to payday lenders and title lenders.
Taking on the issue of predatory lending meant Koehler not only took on the industry but the corruption that resulted in the resignation of the Speaker of the Ohio House, Clifford Rosenberger, in 2018. By rallying both Republicans and Democrats, Koehler's House Bill 123 became "The Fairness In Lending Act" and has resulted in millions of dollars in savings for the most vulnerable in Ohio.
Koehler and his joint-sponsor across the isle, Representative Michael Ashford (D), took on over 33 lobbyist that were hired by the lenders and brought together both Republicans and Democrats to close the loopholes created by legislation passed in 2008 and confirmed by the voters at the ballot box.
Thanks to leadership by a new House Speaker, Ryan Smith, and Senate President Larry Obhof - Representative Koehler did what no one thought was possible over the last decade.
House Bill 123, The Fairness in Lending Act was signed into law in August 2018 and was totally effective in April of 2019.