Assembly Democrats have announced a possible compromise on legislation that would regulate the payday loan industry in Wisconsin.
The bill would drop a proposed interest rate cap on payday loans, which the industry argued would make it nearly impossible for them to operate in the state. Instead, state Representative Gordon Hintz (D-Oshkosh) says loans would be limited to either $600 or 35-percent of a borrower’s bi-weekly income, whichever is lower. The limit would include interest. [click to continue…]
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