Payday loan legislation dealt setbacks

By Zach W On October 9, 2009 · 5 Comments · In News, Wisconsin Politics

A legislative effort to place restrictions on payday loans was dealt a setback earlier this week, as Assembly Speaker Mike Sheridan, a Democrat from Janesville, assigned the bill to a committee of lawmakers skeptical of the effort. While the bill is far from dead (43 of 99 Assembly members have signed onto the bill), it remains to be seen how long it will be delayed.

It’s worth noting the payday loan industry has been fighting hard against new restrictions on the interest rates payday loan stores can charge. The industry has hired 30 lobbyists and a public relations firm, and last year, employees of payday and title lenders donated more than $140,000 into state campaign coffers. I’ll be curious to see if the money of the payday loan industry wins out over the new restrictions, because as we all know, money talks when it comes to politics.

opinions powered by SendLove.to

5 Responses to Payday loan legislation dealt setbacks

Trex says:

October 9, 2009 at 9:22 am

State government has been purchased by Payday Lending. It makes me sick.
0 likes

Reply
- Zach W says:
  
  October 10, 2009 at 12:02 am
  
  Agreed. This certainly seems to be a case of the folks with the money calling the shots.
  0 likes
  
  Reply
Sam L says:

October 9, 2009 at 6:42 pm

Nothing wrong with Payday Loans if used properly. Bank fees are the problem these days!
0 likes

Reply
Archie A Rhodes says:

October 21, 2009 at 4:30 am

I support what Sam has said. Borrowers usually don’t experience any serious problems dealing with payday loans. It should be noted that these financial solutions can be especially effective at the moment when you need money most of all.
0 likes

Reply
- Zach W says:
  
  October 23, 2009 at 2:36 pm
  
  I’m shocked….simply shocked that Archie and Sam agree.
  0 likes
  
  Reply