Althoughconsumer advocates had hoped that a Democrat-controlled state Senate andAssembly would deliver tough payday lending regulations to the governor for hissignature, a bill capping payday loan interest rates at 36% hasn’t made it outof an Assembly committee.
Instead, acompromise bill dubbed the Responsible Lending Act was hammered out by Assemblymembers Jason Fields, Gordon Hintz, Andy Jorgensen, Donna Seidel, Jeff Smithand Josh Zepnickmost of the lawmakers who had introduced earlier, andsometimes clashing, pieces of legislation.
Over in thestate Senate, Wauwatosa Democrat Jim Sullivan has offered a bill that alsoincludes zoning requirements for payday lenders. Sens. Dave Hansen, MarkMiller, John Lehman and Judy Robson have signed on. State Rep. Jason Fields isthe Assembly co-sponsor.
As we go topress, the Assembly is debating its version of the bill. Details could change,but here’s how the bills currently compare:
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