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 from rolling over loans to a later pay period more than once.”

“Bill number two limits loans to $600, prohibits any rollover of loans and bans auto title loans.”

One of these bills has until April 22nd to get out of the house.  I like our chances.  Wisconsin currently has 548 payday loan licenses.

by admin

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