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…)

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  • 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?

  • pay­day loan pay­day loan

     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 …