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Bill would clamp down on payday lenders

Payday lenders in Door and Kewaunee counties and statewide would have to limit the maximum interest rates they charge under a bill now before the Wisconsin legislature.  The proposal would mirror limitations adopted at the federal level.  The bill's sponsor, State Senator Andre Jacque of De Pere, says it would expand those interest rate caps that were originally designed to help families of military personnel.

 

 

 

Currently, Wisconsin is among 27 states where payday or short-term loans are legal.  14 other states and the District of Columbia outlaw the practice.

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