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News » Kaufert speaks out about payday loan bill
Feb. 10, 2010
An area lawmaker says he's not impressed with a new "kinder and gentler bill" that's intended to crack down on the payday loan industry in the state.
Rep. Dean Kaufert of Neenah says it's lacking a cap on exorbitant interest rates, and that was the main thrust of the original bill.
The new proposal would limit the amount a person could borrow from a so-called cash store, and it would also keep them from getting more than one loan at a time.
Kaufert questions why the original bill was watered down. He says it's almost like Democrats wanted to put something together to avoid any more negative press. He says now they'll be able to pat themselves on the back, but the new regulations aren't much more than "window dressing."
Kaufert is a member of the assembly committee on financial institutions, and he says he's uncomfortable with the way it's being handled. He believes it's being rammed through.
It was recently revealed that Assembly Speaker Mike Sheridan had been dating a lobbyist for the payday loan industry.
The financial institutions committee approved the bill today, on a 6-to-5 vote along party lines. Kaufert voted against it. |
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