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Wis. payday lending bill up for final approval

By ASSOCIATED PRESS Wednesday, April 21, 2010 - 10:35 p.m.

MADISON — After months of debate, Wisconsin lawmakers appear ready to give final approval to new regulations meant to curb abusive practices in the payday lending industry.

The Wisconsin Senate's calendar for Thursday includes a bill approved early Wednesday in the Assembly that would put limits on where payday lenders can locate and limit the size of loans. The measure also would limit the size of auto title loans to 50 percent of the car's value.

If it passes without amendments, the plan will be on its way to Gov. Jim Doyle to become law. If there are changes, though, the Assembly would need to approve them later Thursday or the bill would die.

The bill is not as strong as some advocates for the poor wanted because it does not include a cap on the interest rates that lenders can charge.

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(9)

SarahB1
Apr 22, 2010 at 4:56 p.m.
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Sorry. I meant to finish that with the phrase, "... on our own".

SarahB1
Apr 22, 2010 at 4:55 p.m.
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I was for this legislation in the beginning but have since switched to the opposition. We can't regulate everything; we (the public) need to be accountable on their own.

JCK
Apr 22, 2010 at 2:02 p.m.
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The relationship between Sheridan and the lobbyist has already ended.

blood
Apr 22, 2010 at 10:33 a.m.
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I'm concerned that Sheridan's love life might be on the line here if this bill passes!!! Will she stay or will she go; the vote could be the deciding issue. She did get the interest caps off the bill though!

leCroft
Apr 22, 2010 at 12:16 a.m.
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This whole debate has been a ploy for campaign money for the next election. Any pretense that this is for consumers is a charade. The payday loan industry is known to dump money into these debates. This is nothing but a shakedown.

garyprimer
Apr 21, 2010 at 10:45 p.m.
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At least it's a start. This whole thing is getting very weird. Banks do not seem to be working for the people anymore and this shadow banking system is springing up all over the place as perverted and unregulated mutations. If this bill dies, you will all know that the fix has been in on this all along.

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