Wisconsin Senate to take up payday lending bill

MADISON, Wis. (AP) — The Wisconsin state Senate is scheduled to vote on a bill Tuesday that would regulate the payday lending industry for the first time.

The bill before the Senate differs in several key ways from another version that has already passed the Assembly.

Lawmakers must reach a consensus on the two plans before it heads to Democratic Gov. Jim Doyle for his consideration. He supports regulating the industry.

The Senate bill by Democratic Sen. Jim Sullivan of Wauwatosa would restrict where payday loan stores can locate and limits the size of loans.

The Assembly bill that passed in February limits the size of loans and imposes other restrictions.

Neither proposal has a cap on the interest rates that can be charged.

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