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Key Votes

AB 447 - Payday Lending Regulations - Wisconsin Key Vote


Issues Related to AB 447

Stage Details

Legislation - Referred to Committee (Senate) -
Legislation - Bill Passed (House) (59-38) - (Key vote)
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Title: Payday Lending Regulations

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that establishes regulations on payday loans and prohibits motor vehicle title loans.

-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.
-Prohibits a payday loan provider from doing the following (Sec. 6):
    -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.
-Requires every payday loan provider to submit a report to the Division of Banking in the Department of Financial Institutions on or before March 15 of each year that covers business relating to payday loans made by the provider during the preceding year (Sec. 6). -Authorizes a customer to rescind a payday loan, before the close of business on the next day of business after the loan is made, or, if the place of business where the loan is made is open 24 hours, before 5 PM on the next day of business after the loan is made, by returning to the payday loan provider the proceeds of the payday loan, without any fee from the provider (Sec. 6). -Requires the payday loan provider to offer the customer the opportunity to repay the outstanding balance of the loan in 4 equal installments with due dates coinciding with the customer's pay period schedule if a customer fails to repay a payday loan in full at the end of the loan term (Sec. 6). -Requires the Division of Banking in the Department of Financial Institutions to develop and administer a database that provides payday loan providers with real-time access to payday loan information (Sec. 6). -Authorizes a customer to bring an action against a payday loan provider who makes a payday loan that violates the provisions of this Act (Sec. 6). -Specifies that violators of this bill be fined not less than $500 nor more than $1,000, imprisoned for not more than 6 months, or both (Sec. 6). -Prohibits motor vehicle title loans, meaning a loan of $25,000 or less to a borrower that is secured by an interest, other than a purchase money security interest, in the borrower's motor vehicle (Sec. 7). -The text of this bill was replaced by a substitute amendment sponsored by Reps. Jason Fields, Gordon Hintz, Andy Jorgenson, Donna Seidel, Jeff Smith, and Josh Zepnick.
Legislation - Introduced (House) -

Title: Payday Lending Regulations


  • Chuck Benedict (WI - D) (Out Of Office)
  • Terese L. Berceau (WI - D) (Out Of Office)
  • Pedro A. Colon (WI - D) (Out Of Office)
  • Jason M. Fields (WI - D) (Out Of Office)
  • Andy Jorgensen (WI - D) (Out Of Office)
  • Marlin D. Schneider (WI - D) (Out Of Office)
  • Josh Zepnick (WI - D) (Out Of Office)


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