MADISON, Wis. (WTAQ) - A Wisconsin Assembly committee voted 6 to 5 Wednesday to endorse new regulations on payday loan shops. All 5 no votes came from Republicans who accused Majority Democrats of trying rush the bill through, and get a controversy involving the issue out of the headlines. Assembly Speaker Mike Sheridan has admitted dating a lobbyist for the payday loan industry. And he said it had nothing to do with a decision last fall to drop his support for a 36 percent interest cap on payday loans.
Assembly Democrats, meanwhile, have stepped up their effort to pass what they call an even tougher bill – and they said they’ve been working on it for months. Milwaukee Democrat Josh Zepnick said the public is way ahead of lawmakers on the issue – and they want things to be fairer. Wisconsin is the only state not to have payday loan regulations, and the Assembly bill does not include an interest cap. But among other things, it limits people to one payday loan at a time of no more than $600. The Assembly could vote on the measure as early as next Wednesday.
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