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You are here: Home / News / Long day on payday lending

Long day on payday lending

October 8, 2009 By Bob Hague

A long day of testimony on payday loans at the Capitol Wednesday. Are the high-interest short term loans driving up poverty in Milwaukee? State Representative Jason Fields, a Milwaukee Democrat, says there’s more to it than that.

AUDIO: Rep. Jason Fields (13 MP3)

But Oshkosh Democrat, Representative Gordon Hintz, author of a bill that would restrict finance charges, says payday loans contribute to poverty.

AUDIO: Rep. Gordon Hintz (:10 MP3)

Proponents argue that regulations are needed to protect consumers, while opponents claim it will deny consumer choice by driving the industry out of the state. State Representative Bill Kramer, a Waukesha Republican, tried to pin down Hintz on that point.

AUDIO: Reps. Kramer, Hintz (:20 MP3)

Fields and Hintz chair Assembly committees which heard hours of testimony during a joint hearing Wednesday, on legislation that would regulate the payday loan industry in Wisconsin.

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