Wis. judges ask Supreme Court to take loan case - WAOW - Newsline 9, Wausau News, Weather, Sports

Wis. judges ask Supreme Court to take loan case

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MADISON, Wis. (AP) -- A panel of Wisconsin appeals judges has asked the state Supreme Court to decide a lawsuit alleging whether interest rates on a woman's payday loans are excessive.

According to court documents, an Onalaska woman named Jesica Mount took out multiple loans from Payday Loan Stores of Wisconsin, Inc. around the end of 2008. The annualized interest rates on the loans varied from 446 percent to 1,338 percent.

Payday Loans sued Mount after she failed to make her payments, but a circuit judge determined the interest rates were unconscionable. Payday Loans has appealed.

The 4th District Court of Appeals says the Supreme Court should take the case directly because a decision will have statewide impact on consumer credit transactions.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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