Wisconsin Assembly passes payday loan regulationsThe state Assembly has passed a bill that would create Wisconsin's first payday lending regulations.
By: The Associated Press, Superior Telegram
MADISON, Wis. (AP) — The state Assembly has passed a bill that would create Wisconsin's first payday lending regulations.
The plan would prohibit payday lenders from setting up near each other and limit the size of the loans, among other regulations. Democrats amended the measure to impose restrictions on auto title loans as well, including allowing only one loan to a customer at a time and limiting loans to 50 percent of the car's value.
The Assembly passed the measure 60-38. The Senate passed a version last week that did not address auto loans. Both houses must pass identical versions before the bill can go to Gov. Jim Doyle, who can sign the measure into law or veto it.
The governor says he supports any payday lending regulations.