Wisconsin Continues to Push Payday Loan Laws

Posted On: February 26, 2010 at 7:32 a.m.

Filed Under: assembly democrats payday loan

New additions to the “ payday loan laws that Wisconsin lawmakers are creating are unfolding. It appears that, in addition to rate caps, the lawmakers are proposing that consumers only take one loan out at a time. This doesn’t sound like an entirely bad idea, mostly to keep consumers from making poor financial choices (borrowing more and more loans without paying them back). Of course, this does put restrictions on possibly very reliable consumers. Here’s the story: “Assembly Democrats would limit payday loans to $600 and bar borrowers from taking out more than one loan at a time, under a preliminary version of a bill a committee will consider Wednesday. [[ads]] Momentum on the bill picked up after Assembly Speaker Mike Sheridan (D-Janesville) acknowledged he had dated a lobbyist for the payday loan industry. Sheridan, 51, softened his position on regulating the industry last year but said he has not been influenced by the lobbyist, Shanna Wycoff, 31” (http://www.superiortelegram.com/event/article/id/40048/group/News/). How much is too much? If the regulations become too strict, the industry may falter and consumers will be in a world of trouble.

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