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 review the rule; however, that period may be extended for an additional 30 days.

Please note that 2009 Wisconsin Act 405 is effective January 1, 2011 regardless of the status of any Administrative Rules. You will need to be in compliance with the statutes created in the Act. If you accept an authorization to initiate one or more electronic fund transfers from a customer’s account and wait a period of time before initiating the electronic fund transfer or if you accept and hold one or more checks for a period of time before negotiating or presenting the check for payment, you must be licensed as a payday lender under s. 138.14. Unless Administrative Rules for Payday Lending are approved by January 1, 2011 that contain the language proposed in s. 75.02(2), which excluded from the payday loan definition certain loans with voluntary electronic fund transfers, any transaction that involves an electronic fund transfer will be considered a payday loan.

The application form and instructions and the required Payday Lender Bond form are available in a fillable format on our website at Any payday lender not licensed on January 1, 2011 will be subject to the zoning restrictions set forth in ss. 59.69(4h) and 62.23(7)(hi), Stats.

Statewide Payday Lender Database

Section 138.14, Stats., requires a single statewide payday lender database. The target date for a fully implemented database is March 1, 2011. We previously announced that an Intent to Award letter was sent to Veritec Solutions LLC that would allow Veritec to develop, implement, and maintain the database. The contract with Veritec has not yet been finalized.

If you have questions, you may contact Lisa Lee at 608-267-1708 or or Janell Fibikar at 608-266-8891 or

by admin

Bookmark the permalink.

Both comments and trackbacks are currently closed.