By Christian Mullins
Executive Summary:
Contactless payment technology for cell phones is ready and available, but won’t see widespread distribution until 2012, when it’s estimated that one in five phones sold will offer it. An additional chip and the cost of the phones (Nokia charges 139 Euros) is currently prohibitive. Additional technological innovation and maturation of the market will decrease costs, making it more palatable to consumers.
By a Senate vote of 29-4, the state of Ohio passed some of the most restrictive legislation towards the payday lending industry in the nation. The bill caps the Annual Percentage Rate (APR) at 28%, down from 391%. Loans must be for a minimum of 31 days, and loans may not be given to one individual more than four times per year. The bill does not impact Ohio’s StretchPay program, used by credit unions to combat payday lenders.
Robbed:
- Nothing to report today.
Arrested, Arraigned, Charged, or Sentenced:
- John Christian Buttner, 33, of Burnsville, Minnesota, was sentenced to 41 months in prison for the robbery of U.S. Federal Credit Union in the same city last July. He was apprehended the day after the robbery.
