Sheridan defends payday loan bill

By JIM LEUTE ( Contact )   Tuesday, Feb. 23, 2010
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Mike Sheridan

— Assembly Speaker Mike Sheridan reiterated Monday that recently passed payday lending legislation is strong even though it resulted from compromise.

“My job as a leader is to get 50 votes and make sure I can pass good, strong legislation,” Sheridan said in remarks to the Janesville Noon Rotary Club. “This is tough legislation.”

The Janesville Democrat briefly touched on the payday loan bill while recounting legislative highlights of the past year. He didn’t address his personal relationship with a lobbyist for the industry, and Rotarians didn’t ask about it in a brief question-and-answer session.

The Responsible Lending Act, now before the Senate, restricts payday loans to $600, prohibits auto title loans and establishes a database to limit borrowers to one loan at a time.

The bill doesn’t include a cap on interest rates. Sheridan co-sponsored a bill in the last legislative session capping interest rates, but he recently voted against it.

Sheridan said Monday he takes issue with claims that his position on payday loan regulation softened or changed last September while he was dating the lobbyist.

He said his position changed in 2008 to a two-prong approach: Stricter regulation, and, if necessary, elimination of the industry.

“I want to state that publicly because it’s been a tough three weeks and some things were printed in the newspaper that weren’t factual,” he said.

Also Monday, Sheridan said he has an ongoing dialogue with General Motors’ officials about the future of the closed Janesville assembly plant. But, he said, the community needs to move on and not get its hopes up that the automaker will reopen the plant.

He also said he’s had numerous conversations with Gov. Jim Doyle and Talgo representatives about the possibility that the Spanish train maker will open a manufacturing facility in Janesville.

The company is looking at two sites in Janesville, two in Milwaukee and one in both Appleton and Racine in what Sheridan referred to as a “fierce competition.”

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(31)
silentmelody
Mar 4, 2010 at 11:43 p.m.
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What does it matter that Mr. Sheridan had the temerity to date a fellow human being? What matters is that his stance makes sense. If he had, like his critics seemed to want, decided NOT to do what is best for his constituents and instead "stayed the course" out of fear for being criticized over his love life, then he really would not deserve to be in office.

bigdaddy1
Feb 24, 2010 at 3:08 p.m.
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As a tax payer I think they should post her picture. They did with Clinton, McCain, Edwards, hell the list is too long. What a big cover up by the good old boys.

man_with_a_brain
Feb 24, 2010 at 3:01 p.m.
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Any person that would believe Mike Sheridan must be the most stupid people on the planet. Need I remind you that while he was UAW President collecting a union salary and was being paid 7 days a week pay from GM he threw all the workers under the bus with the lame negotiations and fraudulent contract votes. Can any one explain to me how when Local 95 had a contract vote that it was with tear slips and that any one not casting a vote was considered a vote for the suicide contract that Mike Sheridan was so proud of??

jvldss
Feb 24, 2010 at 2:41 p.m.
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Perhaps if Sheridan jumps into bed with GM (figuratively of course) they will eagerly return to Janesville.

oldgrayelf
Feb 24, 2010 at 1:38 p.m.
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biggirl - although I agree with your argument that lending at [unfairly high] interest rates - in which category I include credit cards - should be prohibited by a cultured and civilized society. By the same argument, work should pay enough to support a family - which is not an argument for minumum wage or guaranteed income, but the generosity of business owners. But when will < that > happen?

oldgrayelf
Feb 24, 2010 at 1:34 p.m.
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biggirl - The passage in the Bible that forbids abortion is "You shall not kill." Semantics aside, an unborn baby is a fetus is a human being - is not to be murdered.

biggirl
Feb 24, 2010 at 1:22 p.m.
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Hey, Christians, why don't you heed the Bible and ask for the elimination of usury (or lending with interest)? There's many more passages on usury than there are on abortion (none) or homosexuality. Why aren't Christians asking for a Jubilee either, where all debts are forgiven once every 7 yrs? The concept came from the idea that a debt shouldn't go on and on. In our cases, credit card companies and payday lending companies can even make 3 times the original debt or sometimes more, and yet no one allows the debtor to eliminate a debt he has already paid.

oldgrayelf
Feb 24, 2010 at 1:08 p.m.
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to jetski 30 in re: Why would anyone sign a loan paper with those terms.

I have lived from day to day (not even paycheck to paycheck) before. I do not recommend it for anyone who cannot pay within the week; but when you have to float a check for a car repair so you can go back to work to earn the next paycheck, the payday advance people are cheaper than NSFs from any financial institution. God preserve me from ever having to do it again, but preserve me even more from greedy banks!

jetski30
Feb 24, 2010 at 12:28 p.m.
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We can blame legislation all we want for these payday loan places. We can put all sort of regulations on them and they will find new loop holes to continue doing business. We need to concentrate on educating consumers in regards to their finances! Why would anyone sign a loan paper with those terms. Consumers need to be held accountable for their decisions also. Want versus Need!

SwissChick
Feb 24, 2010 at 12:19 p.m.
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Gone, baby, gone!

bigdaddy1
Feb 24, 2010 at 12:07 p.m.
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CAN YOU PLEASE TELL ME WHY YOU REMOVED MY COMMENT. ARE YOU A MIKE SUPPORTER.

realitybytes
Feb 24, 2010 at 11:30 a.m.
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I saw one of those lending stores along Milton Ave that actually would give out loans for UNEMPLOYMENT CHECKS. How desperate (and short-sighted) do you need to be to get a payday loan on an unemployment check???

MrData
Feb 24, 2010 at 10:21 a.m.
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Sorry, we cannot believe a word this man says. He just doesn't get it. It's time for him to go ...

dillon
Feb 24, 2010 at 10:16 a.m.
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I certainly hope that one of the parties will be able to find an opponent to run against this idiot!

SarahB1
Feb 24, 2010 at 8:40 a.m.
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Any former or present GM workers posting here?

woody
Feb 24, 2010 at 8:21 a.m.
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Now he says he's putting the hurt on the payday loan industry. Yawn.... It seems people are finally catching on to your game Mike.

CallitasIseeit
Feb 24, 2010 at 7:39 a.m.
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Blah, Blah, Blah. Hey Mike when are you going to move to your district? Put the hurt on Woodman's? I think he has too full an agenda to start dating again.

deltafox5674
Feb 24, 2010 at 6:59 a.m.
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Because of the Supreme Court ruling, just wait until all of those corporate interests are foreign... We are just seeing the top of this long slope downhill...

werpknarly
Feb 24, 2010 at 6:50 a.m.
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OR just wake up the public to corporate ownership of government and vote those representatives out... That should be easy, now that corporations are people and have freedom of speech and to buy up all the ad space on TV... Proctor and Gamble for president !

werpknarly
Feb 24, 2010 at 6:47 a.m.
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public financing = less corperate influance.

idratherbeboating
Feb 24, 2010 at 5:31 a.m.
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...all he had to do was smile, shake my hand and share a few points of interest, and I thought he was working for me. It's a rude awakening to find where I misplaced my trust.

bigdaddy1
Feb 24, 2010 at 5:06 a.m.
(This comment was removed by the site staff.)
Truth
Feb 23, 2010 at 9:51 p.m.
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$600 at 40% interest.
Hey, that thinking worked to pass the smoking bills.

We'll make them think we are doing what's best for them.

steveknox
Feb 23, 2010 at 7:40 p.m.
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Rep. Sheridan - Please don't distact us with GM rhetoric. Put a strong bill in front of us that will protect the underserved. By the way, I still haven't received my call. I would appreciate a call back. I'm certain I was one of the first to hit your voice mail in Madison. I just want to talk. Respectful talk.

Sandman
Feb 23, 2010 at 6:49 p.m.
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Two prongs now, eh?

carlitosway
Feb 23, 2010 at 5:10 p.m.
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The bill needed a cap as the interest rate are awful and they just bill the low income people by the time they get their check to pay it the 100 dollar loan more then doubles and takes their whole check, Sheridan needs to look out for the people that put him in office instead of his personal gains public and private. Just my opinion

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