Thomas Nelson (D-Kaukauna) in the last legislative session. However it died without a hearing within the Republican-controlled installation, although legislators were addressed to a coffee and donuts trip of a quick payday loan store.Now the Assembly Majority Leader, Nelson stated in the event that 36% rate of interest limit is the greatest security for users of the armed forces and their loved ones, then it is the most effective security for WisconsinвЂ™s cash-strapped employees, seniors and the ones with disabilities.
вЂњRumsfeld and Congress explored a number of techniques to regulate the industry, such as for instance increasing disclosure and limiting rollovers,вЂќ Nelson said. вЂњAnd they determined that this [interest cap] had been the sole way to closing predatory lending.вЂќ
The 27 industry lobbyists are now being well compensated to block this yearвЂ™s effort to cap interest at 36%, a bill authored by Rep. Gordon Hintz (D-Oshkosh), whom chairs the AssemblyвЂ™s Committee on Consumer Protection.