Wisconsin bill passes Senate
April 13, 2010 | Uncategorized, Wisconsin, industry | Comments (0)This is not the rate cap bill, this is reform. From the story:
The bill, SB 530, would allow only one “rollover,” limit the maximum loan amount to $1,500 or 35 percent of a person’s monthly income, and prohibit lenders from locating within 1500 feet of other lenders and within 150 feet of residential areas.
It passed by a vote of 21-12.
But the bill wouldn’t institute an upfront interest rate cap of 36 percent, as multiple Senators urged during today’s session. And it wouldn’t ban auto title loans, unlike a similar bill passed by the Assembly nearly two months ago.
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