Senate Bill 842
Interest rates on payday loans
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
Dec 26, 2023
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Committee, stopped here
Stopped here. No public hearing was held.
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Senate vote, not reached
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Assembly 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 Senate Committee on Financial Institutions and Sporting Heritage. 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
What it would have done
Summary by the , the Legislature's nonpartisan drafting office. It's their wording, not ours.
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.
Read the full summary Show less
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.
Who's behind it
3 senators are its . 2 are Republicans and 1 is a Democrat.
7 more lawmakers .
See all 10 names Hide the names
Authors (3)
- Rachael Cabral-Guevara · Republican, Senate
- André Jacque · Republican, Senate
- Mark Spreitzer · Democrat, Senate
Signed on in support (7)
- Deb Andraca · Democrat, Assembly
- Jodi Emerson · Democrat, Assembly
- Darrin Madison · Democrat, Assembly
- Will Penterman · Republican, Assembly
- Melissa Ratcliff · Democrat, Senate
- Christine Sinicki · Democrat, Assembly
- Shelia Stubbs · Democrat, Assembly
What happened
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Apr 15, 2024
The session ended, and the bill died with it.
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Jan 3, 2024 to Feb 20, 2024
3 more representatives signed on in support.
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Dec 26, 2023
Sent to the Senate Committee on Financial Institutions and Sporting Heritage.
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Dec 26, 2023
Introduced in the Senate.
See the official record, word for word Hide the official record
- Dec 26, 2023 · Senate
Introduced by Senators Jacque, Cabral-Guevara and Spreitzer; cosponsored by Representatives Penterman, Madison, Sinicki and Emerson
- Dec 26, 2023 · Senate
Read first time and referred to Committee on Financial Institutions and Sporting Heritage
- Jan 3, 2024 · Senate
Representative Andraca added as a cosponsor
- Feb 1, 2024 · Senate
Representative Stubbs added as a cosponsor
- Feb 20, 2024 · Senate
Representative Ratcliff added as a cosponsor
- Apr 15, 2024 · Senate
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
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