Assembly Bill 883
Payday loans. (FE)
Stopped in committee
It never got a , so it never came up for a vote. To try again, a lawmaker would have to start a new bill.
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Introduced, passed
Jan 2, 2024
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Committee, stopped here
Stopped here. No public hearing was held.
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Assembly vote, not reached
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Senate vote, not reached
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Governor, not reached
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Law, not reached
Latest entry in the official record, Apr 15, 2024: “Failed to pass pursuant to ”
It never got a hearing in the Assembly Committee on Financial Institutions. See every bill that never got a hearing this session.
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Terms on this page
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1. More in the glossary
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis. More in the glossary
Author
A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.
Official term: Author, coauthor. More in the glossary
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor. More in the glossary
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate. More in the glossary
What it would have done
Summary by the , the Legislature's nonpartisan drafting office. It's their wording, not ours.
This bill redefines a payday loan and makes other changes related to the regulation of payday loans.
Under current law, a person other than a financial institution or its affiliate must be licensed by the Division of Banking (division) in the Department of Financial Institutions to originate or service a payday loan involving a Wisconsin resident. A “payday loan" is defined as a transaction between an individual with an account at a financial establishment and another person (payday lender) in which the payday lender agrees to accept a check or electronic fund transfer (EFT) authorization from the individual, to delay negotiating the check or initiating the EFT for a period of time, and to extend a loan to the individual for a term of 90 days or less. Current law imposes various requirements and restrictions on payday loans and licensed payday lenders. For example, a payday lender may not make a payday loan that results in the customer having an outstanding liability in principal, interest, and fees on all payday loans held at the same time by the customer of more than $1,500 or 35 percent of the customer's gross monthly income, whichever is less. A payday lender must also provide to an applicant certain information before entering into a payday loan, including disclosing fees and costs and the loan's annual percentage rate and providing written materials prepared by the division.
Read the full summary Show less
This bill eliminates the foregoing definition of a payday loan and instead defines a payday loan as a loan to which all of the following apply: 1) the loan's maturity date is not more than six months after the loan's origination date; 2) the loan agreement requires the loan to be repaid in equal periodic payments over the course of the loan; and 3) the loan is not secured by real property or other collateral.
The bill prohibits a payday lender from making or offering to make a payday loan having a maturity date less than 90 days after the loan's origination date.
The bill also imposes the following requirements on payday loans in addition to current law requirements:
1. Under the loan agreement, a portion of each periodic payment by the customer must be applied to loan principal and the percentage of the payment applied to principal must be the same for all periodic payments made by the customer on the payday loan.
2. Before entering into a payday loan, a payday lender must undertake a reasonable underwriting process to verify the applicant's ability to repay the payday loan. The payday lender may not make a payday loan in an amount that exceeds the amount the applicant is capable of repaying, as determined by the payday lender's underwriting process, or the maximum amount established under current law (as described above), whichever is less.
3. Before entering into a payday loan, a payday lender must disclose to the applicant, in a clear and conspicuous manner, the payment plan and the amount of interest that will be paid over the course of the loan. The payday lender must also disclose to the applicant the availability of a financial literacy course of no more than three hours' duration that the bill requires the division to develop or make available to the public.
Who's behind it
8 lawmakers are its . 4 are Democrats and 4 are Republicans.
3 more lawmakers .
See all 11 names Hide the names
Authors (8)
- Scott Allen · Republican, Assembly
- Sue Conley · Democrat, Assembly
- Dora Drake · Democrat, Senate
- Jeff Mursau · Republican, Assembly
- Sylvia Ortiz-Velez · Democrat, Assembly
- Lori Palmeri · Democrat, Assembly
- Nik Rettinger · Republican, Assembly
- Donna Rozar · Republican, Assembly
Signed on in support (3)
- Rachael Cabral-Guevara · Republican, Senate
- Jerry O'Connor · Republican, Assembly
- Shelia Stubbs · Democrat, Assembly
What it would cost
State agencies filed a . Each opens as a PDF from the Legislature.
Versions and amendments
Every text the Legislature printed for this bill, including proposed changes. Each opens on the Legislature's site.
What happened
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Apr 15, 2024
The session ended, and the bill died with it.
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Jan 18, 2024 to Feb 1, 2024
2 more representatives signed on in support.
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Jan 16, 2024
A state agency sent in its estimate of the cost.
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Jan 2, 2024
Sent to the Assembly Committee on Financial Institutions.
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Jan 2, 2024
Introduced in the Assembly.
See the official record, word for word Hide the official record
- Jan 2, 2024 · Assembly
Introduced by Representatives Allen, Drake, Mursau, Ortiz-Velez, Palmeri, Rettinger, Rozar and Conley; cosponsored by Senator Cabral-Guevara
- Jan 2, 2024 · Assembly
Read first time and referred to Committee on Financial Institutions
- Jan 16, 2024 · Assembly
Fiscal estimate received
- Jan 17, 2024 · Assembly
Assembly Substitute Amendment 1 offered by Representative Allen
- Jan 18, 2024 · Assembly
Representative O'Connor added as a coauthor
- Feb 1, 2024 · Assembly
Representative Stubbs added as a coauthor
- Apr 15, 2024 · Assembly
Failed to pass pursuant to Senate Joint Resolution 1
Terms on this page
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1. More in the glossary
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis. More in the glossary
Author
A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.
Official term: Author, coauthor. More in the glossary
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor. More in the glossary
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate. More in the glossary
From the Wisconsin Legislature's official record, checked Sep 15, 2026. See the source
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate