Wisconsin industry statement
May 28, 2009 | Wisconsin | Comments (0)FOR IMMEDIATE RELEASE
May 28, 2009
Contact: Erin Krueger, 608-256-7701Short-Term Loan (Payday Advance) Industry Statement on Hintz Bill
(MADISON, Wis.)—Following is a statement from Erin Krueger, policy director for the Wisconsin Deferred Deposit Association, in response to a bill drafted by Rep. Gordon Hintz on finance charges for licensed lenders.
“The Wisconsin Deferred Deposit Association is committed to promoting legislation and regulation that balances the interests of the short-term loan [payday advance] industry with substantive consumer protections, all while preserving access to credit options.
“Unfortunately, this bill will remove a viable and critical credit option and ultimately hurt Wisconsin consumers, not help them.
“Short-term loans are a reasonable financial choice for some consumers. These are a transparent and regulated financial product, and now more than ever, in the midst of extreme economic uncertainty, Wisconsin consumers need continued access to small-dollar, short-term credit.”
The Wisconsin Deferred Deposit Association (WDDA) is a statewide trade association representing the short-term loan (payday advance) industry. WDDA members represent three-fourths of the market in the State of Wisconsin. For more information, please visit www.wddagroup.org.
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