Key Votes
AB 447 - Payday Lending Regulations - Key Vote
Wisconsin Key Votes
Mark Pocan voted Yea (Passage) on this legislation.
Read recent statements Mark Pocan made in this general time period.
Stages
Family
Issues
Stage Details
Legislation - Referred to Committee (Senate) - Feb. 18, 2010
Legislation - Bill Passed (House) (59-38) - Feb. 16, 2010 (Key vote)
Title: Payday Lending Regulations
Vote Smart's Synopsis:
Vote to pass a bill that establishes regulations on payday loans and prohibits motor vehicle title loans.
Highlights:
-Requires a payday loan provider to do the following before entering into a payday loan with an applicant (Sec. 6):
- -Disclose to the applicant the total amount of all fees and costs;
-Disclose to the applicant the annual percentage rate to be paid by the applicant on the loan;
-Provide to the applicant a copy of the written payday loan informational materials;
-Disclose to the applicant that they have the right to rescind the loan transaction;
-Disclose to the applicant the service charge that may apply; and
-Disclose to the applicant the payment requirements that may apply if the loan is not paid in full at the end of the loan term.
- -Making a payday loan that exceeds $600 or 35 percent of the applicant's gross biweekly income, whichever is less;
-Making a payday loan to an individual who is liable for repayment of any amount on a payday loan made by another payday loan provider;
-Making a payday loan to an individual if less than 24 hours have elapsed since the individual repaid another payday loan in full;
-Requiring the payment of any interest on a payday loan that accrues after the original maturity date of the loan;
-Imposing any penalty on a customer arising from the customer's prepayment of or default or late payment on a payday loan;
-Accepting from a customer a check or authorization to initiate an electronic fund transfer if the amount of the check or authorization exceeds $600 or 35 percent of the applicant's gross biweekly income;
-Rolling over a payday loan; and
-Presenting a customer's check for payment no more than once.
Legislation - Introduced (House) - Sept. 25, 2009
Title: Payday Lending Regulations
Sponsors
- Chuck Benedict (WI - D) (Out Of Office)
- Terese L. Berceau (WI - D)
- Pedro A. Colon (WI - D) (Out Of Office)
- Jason M. Fields (WI - D) (Out Of Office)
- Andy Jorgensen (WI - D)
- Sondy Pope-Roberts (WI - D)
- Marlin D. Schneider (WI - D) (Out Of Office)
- Josh Zepnick (WI - D)
Co-sponsors
- John W. Lehman (WI - D) (Out Of Office)
- Lena C. Taylor (WI - D)
