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 interest rate on payday loans. In remarks that surprised Hintz, Sheridan said the Hintz bill goes “too far.”
It was a public signal to Hintz that he better start looking at other ways to regulate the $700-million-a-year payday loan industry. Although it was the kind of signal that Assembly speakers have given for decades, it was unusually blunt talk from the new speaker.
