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.
