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Bills · 2023-2024 Regular Session

SB 842

Died at session end Official bill text Atom feed

Relating to: interest rates on payday loans.

Interest Small loan

  1. Introduced, stopped here
  2. Passes Senate, not reached
  3. Passes Assembly, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill limits the maximum interest rate that may be charged on a payday

loan.

Under current law, a person must be licensed by the Division of Banking in the

Department of Financial Institutions to originate or service a payday loan involving

a Wisconsin resident. Current law does not impose a limit on the interest that a

payday loan licensee may charge, before the maturity date, on a payday loan. If a

payday loan is not paid in full by the maturity date, current law prohibits a licensee

from charging interest after the maturity date in excess of 2.75 percent per month.

A payday loan under which a greater rate of interest is charged after the maturity

date is not enforceable.

The bill limits the interest rate that a payday loan licensee may charge, before

the maturity date, on a payday loan to an annual percentage rate of 36 percent. A

payday loan on which a greater rate of interest is charged is not enforceable.

Sponsors

Introduced by: Cabral-Guevara (R) , Jacque (R) , Spreitzer (D)

7 cosponsors

Andraca (D) , Emerson (D) , Madison (D) , Penterman (R) , Ratcliff (D) , Sinicki (D) , Stubbs (D)

Full history

  1. Dec 26, 2023 · Senate

    Introduced by Senators Jacque, Cabral-Guevara and Spreitzer; cosponsored by Representatives Penterman, Madison, Sinicki and Emerson

  2. Dec 26, 2023 · Senate

    Read first time and referred to Committee on Financial Institutions and Sporting Heritage

  3. Jan 3, 2024 · Senate

    Representative Andraca added as a cosponsor

  4. Feb 1, 2024 · Senate

    Representative Stubbs added as a cosponsor

  5. Feb 20, 2024 · Senate

    Representative Ratcliff added as a cosponsor

  6. Apr 15, 2024 · Senate

    Failed to pass pursuant to Senate Joint Resolution 1