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News » Hintz supports payday loan compromise
Feb. 17, 2010
The author of a bill to regulate the payday loan industry in Wisconsin supports a measure passed by the Assembly last night, even though it isn't as strict as the one he proposed.
Rep. Gordon Hintz pushed for a 36 percent interest rate cap on the loans that currently have annual rates exceeding 500 percent. He says the proposal that passed last night includes a $600 limit for income qualified people and eliminates roll-over loans. Hintz says that should go a long way to reduce predatory lending.
The Oshkosh Democrat says he'll see how the new restrictions work before renewing a push for the rate cap.
Hintz says the measure passed yesterday includes funding for a financial literacy program that encourages people to save money. |
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