“Cranky” in Wisconsin
February 13, 2010 | Wisconsin, industry | Comments (0)I’ve never seen this word used in a headline before. From the article:
An Assembly committee approved a compromise bill to regulate the payday lending industry during a meeting today, and Democratic leaders have said they want the full Assembly to vote on it Tuesday.
The compromise bill would prohibit “rollovers,” or borrowers refinancing payday loans with the proceeds of new ones, limit loans to a maximum of $600 (or 35 percent of a person’s biweekly income), and ban auto title loans that use a borrower’s vehicle to secure the funds. But it would not cap the interest rate lenders could charge on loans, unlike previous legislation that would have limited them to 36 percent.
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