• Home
  • News
    • Politics / Govt
    • Legislature
    • Crime / Courts
    • Health / Medicine
    • Archives
  • Sports
    • Badgers
    • Packers
      • Titletown Report
    • Brewers
  • Contact Us
    • Reporters
  • Affiliates
    • Affiliate Support

Wisconsin Radio Network

Wisconsin News and Sports

You are here: Home / Legislature / Preparing to act on payday loans

Preparing to act on payday loans

February 16, 2010 By WRN Contributor

Payday lenders have been in the sights of state lawmakers for some time now, and there’s a showdown in the Assembly today on legislation to put new controls on the industry.

Legislators are scheduled to act on a bill that would limit loans to $600, prohibit rollovers, and keep borrowers from taking out multiple loans at the same time. However, the measure does not limit interest rates, which state Representative Chris Sinicki (D-Milwaukee) says is disappointing.

The Milwaukee Democrat says some of the outfits charge 500-percent or more, which takes advantage of people in desperate situations who need cash fast.

Sinicki hopes to introduce an amendment that would put a 36-percent cap on interest rates. That proposal was originally in the legislation, but was dropped as part of the current compromise.

In the state Senate, legislation is being drafted for a 33-percent limit. Governor Doyle has expressed support for an interest rate cap, but also has admitted it may not be politically feasible.

AUDIO: John Colbert reports (:38)

chrisjr021510

Share this:

  • Facebook
  • Twitter

Filed Under: Legislature Tagged With: Jim Doyle



Featured Stories

Brewers long ball to capture Cactus League opener

Bucks rally for fifth straight win

Badgers sweep Ohio State, stay in Big Ten title picture

Top-ranked Wisconsin captures second straight WCHA regular season title

Bucks hold off Pelicans for 4th straight win

TwitterFacebook

Sports Headlines

Brewers long ball to capture Cactus League opener

Bucks rally for fifth straight win

Badgers sweep Ohio State, stay in Big Ten title picture

Top-ranked Wisconsin captures second straight WCHA regular season title

Bucks hold off Pelicans for 4th straight win

More Sports

Tweets by @WRN

Get our news delivered to your inbox:

Enter your email address:

Delivered by FeedBurner

Copyright © 2021 · Learfield News & Ag, LLC