Maybe I’m not that smart
June 9, 2010 | Wisconsin, industry | Comments (0)Because I can’t make heads or tails of this letter to the editor out of Wisconsin:
Someone on The Post-Crescent editorial staff must have seen “Fiddler on the Roof” before writing the editorial on May 21. The resulting “patty-cake, patty-cake” editorial on Gov. Doyle’s veto of the payday loan bill passed by the state Legislature is a poor substitute for analysis (“One the one hand, he was right; on the other hand, he was wrong.”)
If I were a rich man…..
Deja vu all over again
May 29, 2010 | Wisconsin, industry | Comments (0)Media finally looks into how people are impacted AFTER a law is signed. Check this story from Wisconsin:
Charlie Buhler is afraid that Gov. Jim Doyle’s veto pen may have killed the business that Buhler’s grandfather started more than a half-century.
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Buhler, vice president at Motor Credit, said the law will kill a whopping 65 percent of Motor Credit’s business and may well put them out of business.
Wisconsin update:
May 18, 2010 | Wisconsin, industry, regulation | Comments (0)Governor Jim Doyle signs the bill and makes a change. From the story:
Gov. Jim Doyle said he has used his partial veto power to wipe out the auto title loan industry in Wisconsin.
Doyle on Tuesday signed a bill approved by lawmakers last month that regulates payday lenders for the first time in the state.
Hoswever, Doyle used his veto power to rewrite the measure in a way that he said strengthens consumer protections.
So
May 10, 2010 | Wisconsin, industry | Comments (0)This article in the Janesville Gazette implies that there are too many payday lending stories in the town and provides helpful measurements of the distances between some stores. Of couse, they don’t tell us what the correct distance between stores would be.
By request
May 6, 2010 | Wisconsin, federal legislation, industry | Comments (4)A reader sent us this important Wisconsin-related article: (I know, link is not working. Something wrong at their end.)
Rep. Matt Lundy (D), is again trying to garner support for a bill that would greatly affect local payday lending businesses. His first bill, HB 209, stalled in Ohio’s “FIRES” committee, aided by democrats who felt that Mr. Lundy’s proposal was not in the best interest of Ohio’s small businesses.
Although studies from both the Federal Reserve and the FDIC concluded that payday lending contributes to the public welfare, representative Lundy is again taking on the payday loan industry.
Over in Wisconsin
April 23, 2010 | Wisconsin, industry, regulation | Comments (0)From the story:
The measures won final approval in the Assembly late Thursday and were headed to Gov. Jim Doyle as lawmakers wrapped up the legislative session that began in January 2009. Not winning approval were measures to promote the use of renewable energy, to deregulate the landline telephone industry or to overhaul Wisconsin voting laws.
The regulations on stores that offer payday and auto title loans came after years of debate and intense lobbying by the industry. Wisconsin had been the only state not to regulate the industry, which consumer advocates said allowed its rapid growth and trapped too many borrowers who take out short-term loans with high interest rates in a cycle of debt.
“This will be the most significant consumer protection bill this body has taken action on this session,” said Assembly Majority Leader Thomas Nelson, D-Kaukauna.
This is true reform. Not a ban, not a rate cap.
Wisconsin update:
April 22, 2010 | Wisconsin, regulation | Comments (1)Bill heading to final approval. This is reform, not a rate cap.
Wisconsin update:
April 21, 2010 | Wisconsin, industry, regulation | Comments (0)Assembly sends bill back to Senate:
The Assembly voted to regulate both payday and auto title loans early Wednesday as representatives continue to differ with senators over how to rein in short-term loans.
The Senate voted last week to put limits on payday loans but not vehicle title loans. The Assembly amended the bill to include auto title loans and sent it back to the Senate. The Assembly passed its version of the bill 60-38 around 3:45 a.m.
Both houses are controlled by Democrats, but they have had sharp disagreements over how to regulate payday and auto title loans, leaving open the possibility they won’t get anything done before the regular legislative session ends Thursday.
Wisconsin Guv weighs in
April 20, 2010 | Wisconsin, industry | Comments (0)From the story:
Gov. Jim Doyle says he will sign just about any bill the Legislature is able to pass regulating the payday lending bill.
Wisconsin clock ticking
April 20, 2010 | Wisconsin, customers, industry, regulation | Comments (0)From the story:
The two houses must agree on a similar version by Thursday if a bill is to pass this year. Gov. Jim Doyle, who must sign off on it, has said he supports regulating the industry.
Neither the Assembly nor Senate version places a limit on the interest that could be charged on the loans primarily given to the working poor.
Because sensible legislators want to keep credit available.
