Payday loan bill heads back to the Senate
The back-and-forth efforts in the state Legislature to regulate payday loans continues.
The Assembly on Wednesday morning approved the Senate version of a bill regulating payday lenders in Wisconsin. However, the measure will have to return to the Senate after an amendment from state Representative Gordon Hintz (D-Oshkosh) was added to regulate auto title loans as well.
Hintz says the change will close a loophole the Senate bill that could hurt just as many people as payday loans. The amendment would limit the size of auto title loans, require notice when a vehicle is being repossessed, and requires additional profits from the sale of a seized vehicle to be returned to the original owner.
A version of the legislation approved by the Assembly earlier this year banned auto title loans completely.
Governor Doyle has said he will likely sign any version of the bill that comes to his desk.
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Related posts:
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- What is an Auto Title Loan
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Tags: Loans, Payday Loans