Assembly Passes Payday Lending Reforms

Posted by Amy on Monday, 22 February 2010

Last week, the Wisconsin State Assembly passed the Responsible Lending Act (AB 447) by a vote of 59-38. The legislation does not include a rate cap of 36% APR for all loans. At the same time, the legislation contains a number of provisions that contain and restrict the payday lending industry from drawing women and men into a downward spiraling debt trap.

The Lutheran Office for Public Policy set reform of payday lending in Wisconsin as our top policy priority for 2010. For more information about payday lending, visit our "Priorities" and "Alerts" pages on this website.