In Wisconsin, a new law that is set to regulate the payday lending industry has been passed by the legislature. The bills are set to become law soon, passed by both houses of the Wisconsin congress. These bills have encountered one hitch before they become law. Governor of Wisconsin, J. Doyle, has not yet signed this bill. Will these regulations become law, and if so, what do they consist of?
Restrictions on the Wisconsin pay day loans industry
The new Wisconsin payday loan laws set up various limitations on lenders. No payday loans no faxing store could operate in a 1,500 radius of any payday loan store. There may also need to be a 150 foot barrier between any residential area and a payday loans no fax store. There may also be heavy restrictions on the type or amount of loans offered to customers. Payday loans will be capped at $ 1,500 or 35 percent of a person’s monthly income. Loans on the title of a car would also be restricted to half of the car’s value.
Paydayloans bill part of an unsigned stack
The new Wisconsin payday loans no fax regulation bill is still awaiting a signature from the Governor. This is not the only bill waiting for a signature from the Governor. A quirk in Wisconsin law means that an unsigned bill nevertheless has a chance of becoming law. If the Wisconsin payday loan regulation bill is not signed or vetoed within the next three days, it will still become law. Rather than dying, a bill not signed by the governor at the end of the legislative session will nevertheless become law.
Other bills waiting for governor’s signature
There are almost 50 bills other than the Wisconsin payday lending law waiting for a signature from Governor Doyle. Some bills still awaiting action, like a bill intended to regulate prescription drug purchases, will probably become law. Other bills, such as a measure to allow sales of raw milk, are nevertheless being hotly debated. If the legislature wants to take action on any of these bills that are vetoed, they could have to convene a special session.
