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2/15/2010
Payday loan bill badly tainted. Call your Rep. TODAY
Assembly Democrats are extra fast-tracking “breakthrough” payday lending regulation without a public hearing. A vote is scheduled in the Assembly for tomororw, February 16 on AB 447, the “Responsible Lending Act.
From WisPolitics, 2-12-10:
Assembly Dems seem intent to pass a crackdown on payday lenders as quickly as possible…. But the first signs of opposition pop up as Republicans begin to assault the bill as protection for the [S]peaker [Mike Sheridan] rather than the public, with one GOP legislative leader calling for a moratorium because of the “taint.”
Gov. Jim Doyle indicated he would sign the compromise bill this week, saying, "Anything's better than what we have."
No. Not true. Jennifer Johnson, Wisconsin point person at the Center for Responsible Lending joined Wisconsin Public Television’s Here and Now Friday night to set the record straight for consumers.
The Responsible Lending Act
- Does NOT cap annual interest rates
- Limits loan to $600 or 35% of a person’s 2-week income, whichever is less
- Does not allow rollovers of debt into new loans
- Allows only one loan at a time
- Bans auto loans that allow a lender to take the car if the loan is not repaid
Rep. Donna Seidel (D-Wausau) says AB 447 is a “very responsible approach to a serious problem.”
Ms. Johnson, said “the Representative just doesn’t understand how the industry works.”
“There is just nothing in this legislation – nothing- that will help consumers, take them out of that debt trap that they have in Wisconsin. And In fact, there are certain elements of this proposed legislation that will actually do harm… rather than not doing any good.”
…. [Rollovers] are being touted as a significant reform. The rollover is simply a smoke screen. You can take one payday loan and flip that loan more than 20 times in one year and never technically roll that loan over ….
[Banning car title loans] does seem like a significant reform. But what they’ve done in this legislation… they’ve defined the car title loan as a loan that has… a maximum loan term of 90 days… the car title industry would simply make 91-day loans….
But people in tough spots need these kinds of lenders. Johnson was asked “Isn’t there some purpose for the [payday loan] industry?
No.
“Not this model,” says Johnson. “This model that this industry perpetuates is no good for anyone. It doesn’t do any good. It only does harm.
Johnson suggests alternatives – Mitchell Bank locations and several credit unions in Wisconsin have small loan programs for just such needy borrowers.
Just because people are hungry, doesn’t mean you need to serve them contaminated food. That’s sort of like what this product is.
According to Johnson, Wisconsin’s payday “reform” keeps in place:
- Very high interest rates
- Very short repayment terms
- Balloon payments
- and Access to a borrower’s bank account
“Those are the ingredients for disaster for borrowers.”
Indeed. A badly tainted bill in more ways than one. Call your State Representative. Today. Encourage him or her to vote NO on AB 447.
Jo Egelhoff, FoxPolitics.net
COMMENTS
How about just asking for changes to the legislation that Jennifer Johnson suggests?
Dean Weichmann (Mon Feb 15 08:18:03 2010)
Yeah, good luck with that! Speaker Sheridan and fellow Dems advocated several of these changes a year ago - but not now. See how far you can get with them. I'd say the lobbyists are winning the arguments.
Jo (Mon Feb 15 08:35:35 2010)
Because Dean, that's not how politics works in Madison. The Speaker of the Assembly sets the agenda in the Assembly and unless the Speaker supports the bill it will never see the Assembly floor. Also, every Committee Chair owes the Speaker because he has a great amount of say in who gets those positions. If he does not support the bill it will die in Committee. You can take that one step further. It may be a good bill but the if the Speaker does not like the person or want him/her to get credit for the legislation, he will stop it or have someone else steal it.
The current Speaker, Rep. Mike Sheridan, who has been in a romantic relationship with a lobbyist from the Pay Day Loan Industry was for the bill originally. Now he says it goes too far. HE instructed the committee to go back and revise this bill. Surprised??
I spoke with Penny Bernard Schaber on WHBY. She would ant to make everyone think that this is normal and everyone involved is happy with the compromise bill. I don't think Gordon Hintz is happy. He just knows if he says anything he will never have another bill see the light of day.
Dale McNamee (Mon Feb 15 08:36:18 2010)
Jen Johnson and her crew are paid for by the Credit Unions and they want only the cap. She is just as bad as the payday slime balls. look up where she gets her money and there is another dirty money trail. She says the assembly doesn't get how the industry works. Well maybe she needs to figure out how government works.
ConservMan77 (Mon Feb 15 21:25:39 2010)
The interest rate will be slightly more on these kinds of loans as they are given for a shorter period and on a smaller amount. Here’ a tip: borrow only the amount you know you can pay back.
Secure Payday Loans (Fri Feb 19 04:06:46 2010)
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