Assembly to take up payday lending bill again - WAOW - Newsline 9, Wausau News, Weather, Sports

Assembly to take up payday lending bill again

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MADISON, Wis. (AP) -- With time quickly running out on the legislative session, the state Assembly is scheduled to take up a bill on Tuesday regulating the payday lending industry in Wisconsin for the first time.

Different versions of the bill have passed both the Senate and Assembly already.

But an identical version must clear both houses by Thursday, when the session ends, in order for it to go to Gov. Jim Doyle this year and become law.

There are major differences in what passed both houses. Senate Majority Leader Russ Decker says he thinks the Senate passed a good bill and the Assembly should agree to the changes.

Neither bill includes a rate cap, something advocates for the poor say is necessary to blunt negative effects of the short-term, high-interest loans.

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