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Tuesday, February 16, 2010

 4:50 PM 

Assembly session starting soon; rate cap amendment expected

Assembly Dems have emerged from their closed caucus, and notice has been sent out that the Assembly floor session will reconvene at 5 p.m.

Rep. Jason Fields, one of the authors of the compromise bill on the calendar today, said there will be an amendment to install a 36 percent annual interest rate cap on the industry. A rate cap was left out of the compromise reached by Fields, chairman of the Assembly Financial Institutions Committee, and the handful of other legislators who put together the legislation.

"Are there enough votes for 36 percent? I don't know," Fields, D-Milwaukee said.

Fields opposes a rate cap because he fears it may cost jobs in the payday lending industry, and would cut off vital credit to some consumers.

"I can tell you if they shut down some of these places they're not going to get $200 (or) $300 loans. Banks and credit unions don't give those kinds of loans out," he said.


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