Talk in Wisconsin about changing the new rules: 

In the closing days of 2010, some Republicans suggested that certain measures that Democrats forced through in the last legislative session might be rolled back. The new law that limits payday loans to a maximum of $1,500 is one such measure.

“My hope is we’re able to go back to that common-sense middle ground” with lesser restrictions, said Republican Rep. Robin Vos, co-chairman of the budget committee.

An Associated Press story suggested that new Gov. Scott Walker is among Republicans who want to rewrite that law, which makes it tougher for payday and auto lenders to do business. The new law limits payday loans to a maximum of $1,500. That story said Walker believes the law goes too far and that the outright ban on any loan secured by an auto title isn’t what many legislators want.

The Cap Times of Madison, Wisconsin spews their usual anti-business hatred.

PDLindustrynews has the scoop.

From the story:

With Republicans about to take control of the Legislature and governor’s office, payday loan stores and auto title lenders are looking to roll back limits recently placed on short-term loans.

Democrats passed a bill this year that limits payday loans to a maximum of $1,500. Democratic Gov. Jim Doyle toughened the bill, using his partial veto powers to ban loans secured by vehicle titles.

Until the Legislature acted, Wisconsin was the only state that did not regulate payday and auto title loans. The loans are typically good for two to four weeks but can be repeatedly rolled over. When they are, they can cost borrowers 500% or more in interest a year.

The restrictions on the loans take effect Jan. 1 but may not last long. Republicans took over both houses of the Legislature and the governor’s office in the Nov. 2 elections, and in the past they have viewed the industry more favorably than Democrats.

Erin Krueger, a lobbyist for the lenders, said they hope to eliminate “anti-business and anti-consumer choice” provisions in the new law. She did not detail the specific changes they want to make.

“Everything’s on the table in terms of what we’re going to discuss,” she said.

From the story:

The Wisconsin Financial Services Association has raised concerns that the rules proposed would also restrict banks, credit unions and other lenders from making small loans with very short terms. No loan under $1,500 could have a term shorter than 90 days, the rules say, or an “open-end” credit plan, one where, as with a credit card, interest continues to accumulate until the loan is paid off.

PDLindustrynews has posted a chart explaining the news rules coming on October 1st.

Milwaukee Journal-Sentinal likes the pick, not the way it was done.

Wow.  Warren is such an icon that the head of Wisconsin’s Department of Financial Institutions is compared to her.  Why?  From Wisconsin’s Cap Times: 

… Heinemann is requesting roughly $1 million to purchase a database that would allow her agency to track payday loans and enforce new rules on payday lending.

She also wants to hire an examiner to monitor credit unions — which are becoming increasingly significant players in many regions of the state — and another staffer to help expand oversight of investment advisers.

Because I can’t make heads or tails of this letter to the editor out of Wisconsin:

Someone on The Post-Crescent editorial staff must have seen “Fiddler on the Roof” before writing the editorial on May 21. The resulting “patty-cake, patty-cake” editorial on Gov. Doyle’s veto of the payday loan bill passed by the state Legislature is a poor substitute for analysis (“One the one hand, he was right; on the other hand, he was wrong.”)

If I were a rich man…..

Media finally looks into how people are impacted AFTER a law is signed.  Check this story from Wisconsin:

Charlie Buhler is afraid that Gov. Jim Doyle’s veto pen may have killed the business that Buhler’s grandfather started more than a half-century.

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Buhler, vice president at Motor Credit, said the law will kill a whopping 65 percent of Motor Credit’s business and may well put them out of business.