The Wisconsin DFI has established new rules for the recent payday loan law. Here is the pdf: NewRulePaydayLending What’s important to note is that loans more than 180 days are pretty much except from the Veritec database. This is a big deal that the industry and the Wisconsin DFI hammered out.
Category Archives: Wisconsin
New update on Wisconsin
From the Wisconsin DFI. Proposed Payday Lending Administrative Rules The Senate Committee on Small Business, Emergency Preparedness, Technical Colleges, and Consumer Protection has objected to the proposed Administrative Rules for Payday Lending and referred them to the Joint Committee for Review of Administrative Rules (JCAR). The JCAR has until 4:30 p.m. on Wednesday, December 22, 2010 to […]
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January 1st – Wisconsin law goes into effect
If you’re doing loans inside a storefront or on the Internet, there are some new laws in effect January 1st. Here are some general rules: No more title loans. No interest rate cap on payday loans. Minimum term (as of now) is 90 days. Max principal and interest is $1,500. State database in place (maybe […]
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Wisconsin has a new payday law
The Wisconsin Senate passed a new bill in the 11th hour. Here are the details. The new law would restrict where payday loan stores could locate and limit their loans to $1,500 or 35% of monthly income, whichever is less. Borrowers would be able to renew those loans just once. Auto title loans would be […]
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Wisconsin has until Thursday to pass a bill
The Senate bill is a much better bill. The general assembly bill would ban title loans, limit lenders to $600 and ban rollovers. If a bill does not pass by this Thursday, it can not become law this year. Read more in the Wisconsin AP News.
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Wisconsin bill inches forward
Wisconsin has payday loan reform on it’s agenda. The Senate has two bills floating around. “One bill, written by Sen. Jim Sullivan, D-Wauwatosa, would limit loans to $1,500 and restrict payday lenders from establishing themselves within 1,500 feet of another lender or within 150 feet of a residential area. The bill would also restrict borrowers […]
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Dueling bills in Wisconsin
As read at WisPolitics.com: Senate Bill 530 currently calls for a $900 limit on the size of payday loans, place zoning restrictions on payday lenders and allow one rollover loan for customers who fail to pay initial loans. The state Assembly’s version, Bill 447, would impose a limit on loans of $600 or 35 percent of […]
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Wisconsin bill moves to Senate
It looks like we’re going to see another state database. Wisconsin is trying to limit borrowers to one payday loan. The good news is no rate cap and I did not read anything about cool off periods. All in all, it’s a much better looking bill than I’ve seen in other states. Why they are […]
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“To get licensed or not to get licensed? That is the question.”
This is an update to an Internet lending class action settlement. We reported back in July that the state of Wisconsin had settled a case w/ an online lender for $180k and forgave $432k in debt. The lender, Arrowhead Investments LLC, was not licensed to give loans in the state of Wisconsin. This is official […]
Also posted in Internet payday loans
Some negative PR in Wisconsin
Patricia Nelson of Waukesha was borrowed $550 and paid $2,700 over the next 22 months. This is what we call, in the business, a good payer. The problem is that it does not look good for the payday loan industry when this happens, especially when she introduces President Obama the day he wins the Nobel […]
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