Wisconsin bill passes committee
February 10, 2010 | Wisconsin, industry | Comments (0)Remember, this is NOT a rate cap bill. From the story:
Assembly Republicans are accusing Democrats of rushing through a bill to regulate the payday loan industry in Wisconsin.
The Assembly committee on financial institutions voted 6-5 along party lines to support the plan that would cap loans at $600, allow borrowers to take out one payday loan at a time and ban auto title loans.
The full Assembly could pass the bill as early as Tuesday.
Republican lawmakers argued the bill was flawed and the public should have more time to consider the plan unveiled late last week. Among other things, they raised concerns about a $1 fee that could be charged for each transaction to pay for a statewide database tracking the loans.
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