In Wisconsin, a new law that is set to regulate the payday lending industry has been passed by the legislature. The combined regulations, passed by both houses, are set to become law soon. There is one stumbling block before these bills become law. The Governor of Wisconsin, Doyle, has not yet signed this bill into law. What do the new Wisconsin payday loan regulations include, and will they become law?
Source for this article: New Wisconsin payday lending law – Still not signed
New regulations on the Wisconsin payday loan industry
Several types of lenders would be subject to new regulation under the Wisconsin bills. First, payday loan stores will not be allowed to be within 1,500 feet of one another. Stores that offer payday loans will also not be allowed to do business within 150 feet of residential areas. The type and amount of loans offered would also be heavily restricted. No person could take out a payday loan for more than $ 1,500 or 35 percent of their four-week income . Auto title loans would be restricted to only half of the value of the vehicle.
Payday loan bill part of an unsigned stack
The payday loan bill is still waiting for a signature from Wisconsin Governor Doyle. There are several bills from this latest legislative session that are still awaiting the Governor’s say. However, Wisconsin law is written in a way that might allow this bill to become law anyway. Even if the Governor does not take action on the bill, and it will become law after Thursday. Rather than dying, a bill not signed by the governor at the end of the legislative session will still become law.
Other bills waiting for governor’s signature
There are almost 50 bills other than the Wisconsin payday lending law waiting for a signature from Governor Doyle. Some bills still awaiting action, such as a bill intended to regulate prescription drug purchases, will most likely become law. Other bills, such as a measure to allow sales of raw milk, are still being hotly debated. If the legislature wants to take action on any of these bills that are vetoed, they will have to convene a special session.
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