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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 2013, 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/