New Wisconsin payday lending law | Still not signed
In April of this year, Wisconsin lawmakers passed the first-ever set of payday loan laws for Wisconsin state. The combined regulations, passed by both houses, are set to become law soon. There is one hitch, however. Governor Doyle has yet to sign the bill. What do the new Wisconsin payday loan regulations include, and will they become law?
Wisconsin payday loan restrictions
The new Wisconsin payday loan laws set up several limitations on lenders. First, payday loan stores will not be allowed to be within 1,500 feet of one another. Stores that offer payday loans will also not be allowed to do business within 150 feet of residential areas. The loans that lenders can offer will also be restricted. Payday loans will be capped at $1,500 or 35 percent of a person’s monthly income. Auto title loans would be restricted to only half of the value of the vehicle.
Governor Doyle has not yet signed payday loan bill
The payday loan bill is still waiting for a signature from Wisconsin Governor Doyle. This is not the only bill waiting for a signature from the Governor. However, Wisconsin law is written in a way that might allow this bill to become law anyway. If the Wisconsin payday loan regulation bill is not signed or vetoed in the next three days, it will still become law. Any bill passed by the legislature and not acted on by the governor before the end of the two-year session is considered 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. These bills include a bill that would allow raw milk to be sold, and another would regulate prescription drug sales. The legislature will have to convene a special session if Doyle vetoes a bill in the next few days. Unsigned bills can be brought up for re-consideration at the next legislative session. However, at that point, the bill must be approached as an amendment or change to an existing law rather than a potential law.