43 of 99 Assembly members have signed onto the Milwaukee bill that could cap interest rates at 36%. This is almost enough to pass the bill, but it’s in committee and may not make it out. Committee members are skeptical about the plan. Assembly Speaker Mike Sheridan (D-Janesville) said recently that the bill to cap […]
Category Archives: Wisconsin
Some politicians stand up to bad legislation
Assembly Speaker Mike Sheridan, in Wisconsin, went on the record to oppose the recent bill to cap payday loans at 36%. In a pre-fall session recent interview on WisconsinEye, Sheridan also took a controversial position — no! – on the bill of fellow Democratic Rep. Gordon Hintz, of Oshkosh, that would clamp a 36 percent […]
Posted in Wisconsin
Wisconsin Update
Check out Payday Pundit for all the breaking news on Wisconsin’s battle.
Posted in Wisconsin
Wisconsin payday law too extreme to pass
36% has come to pass in a few states. In Ohio, they’re fighting for their lives with Ohio HB 209. Wisconsin is doing the 36% dance. Here are some good comments from New bill confronts payday loan industry: “This story does not share the argument of payday lenders, who favor reform in Wisconsin. The problem […]
Also posted in Ohio
Most rediculous statement of the day
“these are toxic loans, just like those in the disastrous subprime mortgage industry, because they are made knowing that desperate borrowers cannot repay the loans when they become due.”Do they really think lenders do NOT want to get paid back? This rediculous comment was brought to you by Legal Aid Society’s litigation director Peter M. […]
Also posted in Internet payday loans
Wisconsin legislature entertaining 36%
Same story different state. I guess we’ll see what happens. I thought this was worth sharing: Payday lenders have seen an explosive growth of 391 percent in Wisconsin over the last ten years, rising to $723 million in loans in 2008 from $147.2 million in 1998.There’s lots of demand out there. You can read the […]
Also posted in Internet payday loans
City blocks EZ Corp location
If the state and national government are not enough, now payday lenders have the local city counsel to deal with. The city of Wauwatosa (Wisconsin) has stopped EZ Corp from moving in. A state appelate court is holding up the decision that was made three years ago. In the meantime, EZCorp has 30 days to […]
Posted in Wisconsin
Getting philosophical on payday loans
If you’re in the payday loan business, you should read this opinion titled “Community Conversation: Payday lenders do a needed service” written by a credit counselor named Kenneth King. I got a kick out of this statement: “Payday borrowers often are portrayed as victims. I think “victim” is a strong word; a better term might […]
Posted in Wisconsin
Wisconsin battle heating up over payday loans
Wisconsin is turning up the heat on payday lenders. Today, Wisconsin, does not set an interest rate cap. Some legislators are talking 36%. Nothing new here except for this comment:In 2004, $500 million in loans were made by payday lenders in Wisconsin, with 80 percent of that revenue leaving the state because most of the […]
Posted in Wisconsin
Good economics view of payday loans and price control
Mark Schug is professor emeritus and former director of the Center for Economic Education at UW-Milwaukee. He is a national consultant on economic and financial education. Here is something that really resonated with me: “Anyone who has taken high school economics should see how this artificial price control would cause problems, but it seems that […]
Posted in Wisconsin
