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 Veritec).
  • Must maintain customer files for 3 years (2 years in other states).
  • No late fees.
  • Can take debtors to court, but no wage garnishment or criminal prosecution.

Looking for software or compliance help?  Contact Intro XL.

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