Wisconsin Cash Advance Laws & Regulations
Wisconsin has fairly loose regulations governing its payday loan industry. Borrowers and lenders have the freedom to contract a payday loan on the terms they see fit, as long as they adhere to the basic regulations provided below.
Here are some specific Wisconsin regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
Not specified - Maximum Finance Charges and Fees
Not specified - Maximum Loan Amount
No more than $1,500 or 35% of borrower's gross monthly income - Number of Rollovers
One - Outstanding Loans Allowed at Once
Not specified - Cool-Off Period
Not specified, but borrower's have till 5pm the business day following the day of borrowing to rescind
- Payment Plan
N/A - Collection Fees
$30 NSF Fee - Presentment Limit
One - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Reasonable court costs and attorney fees, plus all loan costs
As of January 2012, no further legislative mandates governing the cash advance industry have been passed.
References:
Wisconsin Statute: 138.14
Wisconsin Department of Financial Institutions
Wisconsin Consumer Act Section
P.O. Box 8041
Madison, WI 53708
Phone: (608) 261-9555
Fax: (608) 261-7200
Web: www.wdfi.org/
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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