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Wisconsin closer to not being only state without payday loan regulations

Wisconsin may no longer be the only state with no regulations on the payday loan industry if a bill passed by the state Senate Tuesday makes

its way to Gov. Jim Doyle’s office for his final approval.

The bill would put regulations on the payday loan industry in the state, and is similar to a bill passed by the Assembly in February.

Payday loans are small, unsecured, short-term loans that borrowers repay from their next paycheck. Such lenders often charge extremely high

interest rates, and sometimes loans take borrowers more than one paycheck to pay back. This leaves some in a cycle of debt.

Wisconsin is the only state that currently does not have regulations on the industry, causing many senators to characterize the state’s

current loaning industry as “the wild, wild west.”

The Senate bill will limit payday loans to $1,500 and would prevent lenders from rolling loans over more than once. The bill would also not

allow payday loan facilities to be within 150 feet of residential areas or 1,500 feet of other such establishments.

Tuesday’s debate mostly revolved around whether to pass an amendment that would regulate the industry even more stringently than previously

proposed, instituting a cap on interest rates at 36 percent.

Debate was uniquely divided, as party allegiances seemed to have little effect on legislators’ support of the amendment.

Source: – Badgerherald.com