New Wisconsin Payday Lending Law – Still Not Signed
In April of this year, Wisconsin lawmakers passed the first-ever set of payday loan laws for Wisconsin state. The bills are set to become law soon, passed by both houses of the Wisconsin congress. There is one stumbling block before these bills become law. The Governor of Wisconsin, Doyle, has not yet signed this bill into law. What kind of restrictions will this new set of laws entail, and will they become law?
Resource for this article: New Wisconsin payday lending law – Still not signed
New regulations on the Wisconsin payday loan industry
The new bills passed by the Wisconsin legislature would put several limitations on several types of lenders. First, payday loan stores will not be allowed to be within 1,500 feet of one another. No payday loan store could open up or operate within 150 feet of any residential area. 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.
New bill on payday loans join a stack of unsigned legislation
The Governor of Wisconsin has yet to actually sign the new payday loan regulation bill. There are several bills from this latest legislative session that are still awaiting the Governor’s say. The way Wisconsin law is written, an unsigned bill can still become law. Even if the Governor does not sign the bill by the Thursday deadline, it could still well become a law. Any bill passed by the legislature and not acted on by the governor before the end of the two-year session is considered law.
Many bills still awaiting governor’s signature
There are almost 50 bills other than the Wisconsin payday lending law waiting for a signature from Governor Doyle. Some of these bills are relatively uncontroversial, such as the prescription drug regulatory bill – others, such as the raw milk bill, are still garnering debate. 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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