Over in Wisconsin
April 23, 2010 | Wisconsin, industry, regulation | Comments (0)From the story:
The measures won final approval in the Assembly late Thursday and were headed to Gov. Jim Doyle as lawmakers wrapped up the legislative session that began in January 2009. Not winning approval were measures to promote the use of renewable energy, to deregulate the landline telephone industry or to overhaul Wisconsin voting laws.
The regulations on stores that offer payday and auto title loans came after years of debate and intense lobbying by the industry. Wisconsin had been the only state not to regulate the industry, which consumer advocates said allowed its rapid growth and trapped too many borrowers who take out short-term loans with high interest rates in a cycle of debt.
“This will be the most significant consumer protection bill this body has taken action on this session,” said Assembly Majority Leader Thomas Nelson, D-Kaukauna.
This is true reform. Not a ban, not a rate cap.
Comments»
No comments yet.