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Friday, February 19, 2010

Republicans Killed Cap On Payday Loan Legislation

Winona Daily Excerpt:
The Democratic-controlled Assembly voted 56-41 to kill an amendment that would have capped the interest rates lenders could charge at 36 percent.
That is a misleading statement. Although it is true the Democrats control the Assembly, it was the Republicans who rejected the 36% interest cap. They voted 34 - 10 to reject (table) the interest cap amendment. While the Democrats failed 22 - 31 to reject.

South-Central Wisconsin legislators voting to institute the 36% cap were Democrats Benedict and Hixson. Sheridan voted to reject (table) the cap along with Republicans Davis and Lothian. However, Sheridan did vote for the final bill while the two republicans noted here voted to keep the industry fully unregulated.

Afterwards, some state republicans insisted that now is not a good time to regulate the loan sharking industry (600% interest is just dandy) while other republicans continue to milk the tabloid media circus constructed around Assembly Speaker Mike Sheridan.

The state Senate now takes up its own payday loan legislation.

View Assembly roll call on interest cap amendment here.

View Assembly roll call on Responsible Lending Act here.

Additional: Racine Post Is Payday Loan Regulation A Partisan Issue? Duh.

2 comments:

Anonymous said...

Fuzzy math will always get you. Using the extra ink to print all the numbers is not cost effective and tends to lend itself to reality. Love the cartoon!

total12 said...

However, Sheridan did vote for the final bill while the two republicans noted here voted to keep the industry fully unregulated.how payday loans work

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