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News » Rep. Hintz supports payday loan deal
Feb. 10, 2010
He originally wanted tighter restrictions on the payday loan industry, but an Oshkosh lawmaker is backing a compromise that doesn't include a cap on interest rates.
Rep. Gordon Hintz says payday loan stores would have to limit their loans to 600 dollars, or 35 percent of the borrower's bi-weekly income. He says interest charges would be included in that limit.
The compromise version of the bill would also ban auto title loans and create a statewide database so stores couldn't issue more than one loan to a person at a time. |
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