Due date on open loans has incorrect time with a time zone offset

Steps to reproduce:

Go to Checkout and enter a user and checkout a book
Click the Open loans link in the user record to open the Loans page for the user
Check the time under the due date column

Expected: time should be the time when you checked out the book

Actual: The time is offset by the systems timezone

Eg: If checked out at 9 AM, then the time in the due date column shows up as 5 AM (if you are in the EST time zone)