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Pay day loan bill emerges in Wisconsin Assembly

Pay day loan bill emerges in Wisconsin Assembly

Automobile title loans by payday loan providers could be prohibited, their loans will be restricted to $600 and loan providers could maybe not move more than a borrower’s financial obligation into a brand new, bigger loan under an Assembly bill unveiled Tuesday.

Democrats whom control the chamber described the program as a compromise that may outlaw the payday financing industry’s many abusive techniques while preserving a way to obtain credit for the many hopeless borrowers.