Wisconsin Senate to take up payday lending bill
MADISON — The Wisconsin state Senate is scheduled to vote on a bill Tuesday that would regulate the payday lending industry for the first time.
The bill before the Senate differs in several key ways from another version that has already passed the Assembly.
Lawmakers must reach a consensus on the two plans before it heads to Democratic Gov. Jim Doyle for his consideration. He supports regulating the industry.
The Senate bill by Democratic Sen. Jim Sullivan of Wauwatosa would restrict where payday loan stores can locate and limits the size of loans.
The Assembly bill that passed in February limits the size of loans and imposes other restrictions.
Neither proposal has a cap on the interest rates that can be charged.
Apr 15, 2010 at 12:14 a.m.
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What Mr. Sheridan does and who he associates with isn't relevant to the quality of his lawmaking. Voters should take the time and examine the bills themselves, lest our society devolve into McCarthyist witch-hunting based on casual association.
Apr 15, 2010 at midnight
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Education and financial prudence do more for the consumer than any amount of lawmaking and lobbying.
Apr 12, 2010 at 2:14 p.m.
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I thought that capping the rates was the reason for trying to regulate that "industry".
Apr 12, 2010 at 1:54 p.m.
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Once again some need the government to protect themselves from themselves.
Jeez.........
Don't want to pay 500% interest on a $300.00 loan?
Here is an idea...........DON'T TAKE OUT THE LOAN.
Apr 12, 2010 at 8:52 a.m.
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Limiting the location and the size of the loans, but not touching the interest rates or fees charged, will just make the industry more profitable (less competition + huge demand = higher charges).
The best way to fight payday loans is by getting mainstream financial providers (like banks) into the short-term loan market. Either of these bills seem more likely to make the problem of predatory payday lending bigger.
Apr 12, 2010 at 8:14 a.m.
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Gazette, Why no story on the upcoming bill promoting voter fraud in Wisconsin? I beleive that vote is also this week.
Apr 12, 2010 at 7:47 a.m.
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Notice how easily they pass bills that control the citizens even as they have trouble passing any bills that will limit the predation on the citenzry by corporations. Wonder why?
Apr 12, 2010 at 3:50 a.m.
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Capping the interest rate is a must.
Apr 11, 2010 at 8:05 p.m.
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Perhaps we could save a lot of time before they convene and just ask...who is dating whom?
Apr 11, 2010 at 2:35 p.m.
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Neither proposal has a cap on the interest rates that can be charged
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Then what good is it if they can continue to charge outrageous interest rates?
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