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Wednesday, Feb. 17, 2010

Wisconsin Payday Loan Bills Released

Interest cap removed, but other regulations intact

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Although consumer advocates had hoped that a Democrat-controlled state Senate and Assembly would deliver tough payday lending regulations to the governor for his signature, a bill capping payday loan interest rates at 36% hasn’t made it out of an Assembly committee.

Instead, a compromise bill dubbed the Responsible Lending Act was hammered out by Assembly members Jason Fields, Gordon Hintz, Andy Jorgensen, Donna Seidel, Jeff Smith and Josh Zepnick—most of the lawmakers who had introduced earlier, and sometimes clashing, pieces of legislation.

Over in the state Senate, Wauwatosa Democrat Jim Sullivan has offered a bill that also includes zoning requirements for payday lenders. Sens. Dave Hansen, Mark Miller, John Lehman and Judy Robson have signed on. State Rep. Jason Fields is the Assembly co-sponsor.

As we go to press, the Assembly is debating its version of the bill. Details could change, but here’s how the bills currently compare:

2010-02-17

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