Wisconsin bill introduced today
May 28, 2009 | Wisconsin, alternatives, industry, regulation | Comments (1)From the story:
The act is supported by a variety of organizations, including AARP Wisconsin, Wisconsin Credit Union League, Wisconsin Women’s Business Initiative Corporation, Wisconsin Catholic Conference, Madison-Area Urban Ministry, Wisconsin SAVE$, Community Action Coalition for South Central WI, Inc., La Casa de Esperanza, Inc., and local elected officials, according to an email from the legislation’s supporters.
“Fifteen states and the District of Columbia either prohibit payday lending completely or have established two-digit limits on interest rates,” wrote State Rep. Gordon Hintz in an email about the legislation. “Wisconsin is currently the only state in the country where there is no rate cap for licensed lenders.”
It is a 36% rate cap bill that affects all lending. That means legislators will be getting a lot of heat from banks as well.
Comments»
Another Grandstander looking to get some attention. Of course Mr. Hintz couldn’t possibly have any other motivations? Hintz is running for his next position and simply wants to try and look like a “Champion of the People.” However his reckless ideas will be hurting the same people he claims to support. He used to work for Sen. Wellstone of Minnesota so he is likely cut from the same cloth. Fiery rhetoric, and left-wing nuttery at its finest.