Wisconsin bill heading to passage
April 6, 2010 | Wisconsin, industry, regulation | Comments (0)From the story:
“The industry does serve a market need, perhaps offering a lifeline to a family that is up against the wall financially,” bill author Sen. Jim Sullivan, D-Wauwatosa, said during a public hearing in March. “Even though it does serve a market need, this does not mean that we as a state can look away from abusive practices and allow them to continue.”
The Senate bill would limit loans to $1,500 and restrict payday lenders from setting up shop within 1,500 feet of each other or 150 feet of residential areas. It would also restrict borrowers from rolling over loans more than once, a practice many claim keeps borrowers in a cycle of debt.
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