A proposal to regulate payday loan lenders remained alive this afternoon, but its fate in the Assembly was uncertain.
Before adjourning for the year, the state Senate approved an amended version of the bill that incorporated some changes the Assembly wanted on regulations for auto title loans, but did not include the blanket ban the Assembly wanted.
The new language would implement the same monthly interest rate cap governing payday loans on title loans and would ban practices such as possessing the loan applicant’s vehicle without notice.
Sen. Jim Sullivan, D-Wauwatosa, and the Senate author of the legislation, said the chamber has met the Assembly halfway on the bill.
"We did not have titles as part of our bill and now we are," Sullivan said. "We have a very strong bill here."
With the Senate adjourned, the Assembly would have to pass the Senate version without amendment for the bill to go to the governor’s desk.
– WisPolitics.com
