ترول ایرانی

گالری عکس

State GOP Will Close PayDay Loan Loophole

I’m actually surprised this slipped through the cracks when the Democrats controlled the state legislature.

Interest rates on payday loans would be capped at 36 percent under a proposal Republicans are circulating in the Wisconsin Legislature.

New regulations on the payday lending industry took effect in December, but the previous Legislature controlled by Democrats rejected a cap on interest.

Consumer advocates who supported tighter regulations on the industry had pushed for the interest rate cap, saying it was needed to prevent borrowers from getting socked with interest as high as 500 percent or more.

The new law limits the size of the loans and bars auto title loans.

Rep. Evan Wynn of Whitewater and Sen. Glenn Grothman of West Bend are proposing the interest rate cap.  They are seeking co-sponsors of the proposal until May 12.

Then again, the Assembly Speaker at the time was dating a lobbyist from the industry.  (Ah, memories…)

Be Sociable, Share!
  • Hdlinkz

    To get guaranteed payday loans, all you need is to search for a lender offering the exact service that you need online depending on how long you can wait for the money to be available for you.

  • This DJ

    As if this is actually going to go anywhere?

    Considering the Speaker and Majority leader voted against it and less strict versions of this you think it even gets a hearing in the Assembly?

  •  Glenn Grothman, R-West Bend, are pulling the new bill that would hat the fascination rate for payday loans at 36 percent. It stands a sufficient improved luck this year as Republicans control the state Assembly, Senate and governor’s office. … “The attention always appear to find loopholes in whatever you do,” Hintz said. “I’m certain this situation will keep forthcoming up once again and again. “There is no such thing as best legislation, but we’ll have …