Wisconsin 2019-2020 Regular Session Status: In Committee Bipartisan · 3 D · 2 R cosponsors

SB 703 — Relating to: interest rates on payday loans and loans by licensed lenders. (FE)

Last action — Failed to pass pursuant to Senate Joint Resolution 1

Track this bill free

No card. One bill, free forever — alerts when it moves.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

How this bill changes current law

7 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill limits the maximum interest rate for payday loans and expands the licensing requirements for lenders.

  • 138.09 (1m) (a)

    or assess a finance charge on a consumer loan in excess of 18 percent per year, or make a consumer loan exceeding $5,000 in principal amount, → or make a consumer loan exceeding $5,000 in principal amount, or assess a finance charge on a consumer loan in excess of 18 percent per year,

    The order of the conditions for obtaining a license has been altered.

  • 138.09 (7) (bp)

    is not subject to any maximum interest rate limit. → is not subject to any maximum interest rate limit except for the limitations set forth in section 138.09(7)(bs).

    Clarifies that there are now interest rate limitations applicable in certain situations.

  • 138.09 (7) (bs)

    1. For purposes of this paragraph, “annual percentage rate" shall be determined consistent with the provisions of section 107 of the federal Truth in Lending Act, 15 USC 1606, and federal Regulation Z adopted under that act, 12 CFR 226. 2. Notwithstanding sub. (9) (a) and ss. 138.05 (8) (c) and 422.201 (2) (bn) and (9), and except as provided in ss. 422.201 (10s) and (11), 422.202 (2m) (b), and 422.203 (4) (c), a licensee may not charge, contract for, or receive an annual percentage rate of interest for a loan or forbearance made on or after the effective date of this subdivision .... [LRB inserts date], that is greater than 36 percent. This subdivision does not apply to an open-end credit plan or any consumer loan described in s. 422.201 (12m).

    Imposes a maximum interest rate of 36 percent on consumer loans.

  • 138.14 (10) (a) 1.

    this section imposes no limit on the interest a licensee may charge before the maturity date of → licensee may not charge before the maturity date of an annual percentage rate of interest greater than 36 percent on a payday loan.

    Establishes a maximum interest rate of 36 percent on payday loans before maturity.

  • 138.14 (10) (a) 1g.

    For purposes of this paragraph, “annual percentage rate" shall be determined consistent with the provisions of section 107 of the federal Truth in Lending Act, 15 USC 1606, and federal Regulation Z adopted under that act, 12 CFR 226.

    Defines how to calculate the annual percentage rate for payday loans.

  • 138.14 (13) (d)

    may be enforced in this state, and every person in any way participating therein in this state shall be subject to this section. → may be enforced in this state.

    Clarifies enforcement criteria for payday loans with excessive charges.

  • 422.201 (3)

    the finance charge, calculated according to those sections, may not exceed the maximums permitted in ss. 138.09, 138.14, and 218.0101 to 218.0163, respectively. → the finance charge or rate of interest, calculated according to those sections, may not exceed the maximums permitted in ss. 138.09, 138.14, and 218.0101 to 218.0163, respectively.

    Clarifies the finance charge calculation applies to both interest rates and finance charges.

Action History

  1. Failed to pass pursuant to Senate Joint Resolution 1

  2. Fiscal estimate received

  3. Read first time and referred to Committee on Government Operations, Technology and Consumer Protection

  4. Introduced by Senators Jacque, L. Taylor, Bernier, Carpenter, Hansen, Johnson, Nass, Ringhand and Smith; cosponsored by Representatives Allen, Quinn, Anderson, Crowley, Dittrich, Gruszynski, L. Myers, Ohnstad, Sinicki, Tusler, Subeck, Edming and Cabrera

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

9 sponsors · 0 co-sponsors · 123 not signed on

Sponsors (9)

Co-sponsors (0)

None.

Not signed on (123)

123 members have not signed on to this bill.

Show all 123 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 703?
SB 703 is sponsored by L. Taylor, Bernier, Carpenter, Tim (Democrat), Hansen, Johnson, LaTonya (Democrat), Ringhand, Smith, Jeff (Democrat), Nass, Steve (Republican), and Jacque, André (Republican).
What is the current status of SB 703?
This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 703?
Track SB 703 free on One Click Politics — get push/email alerts when it moves.

Make your voice heard on SB 703

Find the representatives who decide this bill and tell them where you stand — for yourself, or mobilize your whole list in one click with One Click Politics advocacy software.

Find my representatives → Run a campaign

Stay ahead of SB 703

Last checked for changes 3 months ago · updated continuously

One Click Politics tracks every bill in Congress and all 50 states.

Track this bill →