Ninety-Ninth Regular Session
__________________
The Chief Clerk makes the following entries dated Monday, May
17
, 2010.
__________________
State of Wisconsin
Office of the Secretary of State
May
17
, 2010
The Honorable, the Legislature:
Bill Number Act Number
Publication Date
Senate Bill 572Act
343
May 27
, 2010
Senate Bill 513Act
344
May 27
, 2010
Senate Bill 604Act
345
May 27
, 2010
Senate Bill 163Act
346
May 27
, 2010
Senate Bill 581Act
347
May 27
, 2010
Senate Bill 587Act
348
May 27
, 2010
Senate Bill 524Act
349
May 27
, 2010
Senate Bill 314Act
351
May 27
, 2010
Senate Bill 348Act
352
May 27
, 2010
Senate Bill 391Act
353
May 27
, 2010
Senate Bill 552Act
354
May 27
, 2010
Senate Bill 358Act
356
May 27
, 2010
Senate Bill 605Act
357
May 27
, 2010
Senate Bill 533Act
358
May 27
, 2010
Senate Bill 608Act
359
May 27
, 2010
Senate Bill 389Act
360
May 27
, 2010
Senate Bill 656Act
361
May 27
, 2010
Sincerely,
DOUGLAS LA FOLLETTE
Secretary of State
__________________
The committee on Health, Health Insurance, Privacy, Property Tax Relief, and Revenue reports and recommends:
Relating to the regulation of traveling sales crews.
No action taken.
Relating to the ambulatory surgical center assessment.
No action taken.
Jon Erpenbach
Chairperson
__________________
The Chief Clerk makes the following entries under the above date.
__________________
State of Wisconsin
Office of the Governor
May
18
, 2010
To the Honorable, the Senate:
The following bill(s), originating in the Senate, have been approved, signed and deposited in the office of the Secretary of State:
Bill Number Act Number
Date Approved
Senate Bill 227
Act 363
May 18
, 2010
Senate Bill 401
Act 364
May 18
, 2010
Senate Bill 172
Act 366
May 18
, 2010
Senate Bill 400
Act 367
May 18
, 2010
Senate Bill 427
Act 369
May 18
, 2010
Senate Bill 424
Act 371
May 18
, 2010
Senate Bill 601
Act 372
May 18
, 2010
Senate Bill 557
Act 373
May 18
, 2010
Senate Bill 623
Act 374
May 18
, 2010
Senate Bill 396
Act 375
May 18
, 2010
Senate Bill 626
Act 376
May 18
, 2010
Senate Bill 614
Act 377
May 18
, 2010
Senate Bill 615
Act 379
May 18
, 2010
Senate Bill 664
Act 384
May 18
, 2010
Senate Bill 243
Act 385
May 18
, 2010
Senate Bill 528
Act 387
May 18
, 2010
Senate Bill 403
Act 388
May 18
, 2010
Senate Bill 661
Act 391
May 18
, 2010
Senate Bill 338
Act 393
May 18
, 2010
Senate Bill 266
Act 394
May 18
, 2010
Senate Bill 435
Act 397
May 18
, 2010
Senate Bill 268
Act 398
May 18
, 2010
Senate Bill 279
Act 401
May 18
, 2010
Senate Bill 383
Act 402
May 18
, 2010
Senate Bill 286
Act 404
May 18
, 2010
Senate Bill 530
Act 405
May 18
, 2010
(Vetoed in Part)
Respectfully submitted,
JIM DOYLE
Governor
State of Wisconsin
Office of the Governor
May 18, 2010
To the Honorable, The Senate:
I have approved
Senate Bill 530 as
2009 Wisconsin Act 405 and have deposited it in the Office of the Secretary of State. I have exercised the partial veto in a number of areas.
Wisconsin is one of the few states in the nation that had not enacted meaningful payday lending reform. While it has taken several legislative sessions to pass a bill to address this issue, I am pleased to sign Senate Bill 530 into law to protect Wisconsin consumers from the debt cycle of repetitive rollover loans, excessive interest charges and predatory lending practices of the payday lending industry.
Senate Bill 530 caps the maximum loan amount at $1,500 or 35 percent of a customer's gross monthly income; allows only one loan rollover per customer; establishes a rate cap of 2.75 percent per month on the outstanding balance after the maturity date of the loan; establishes a real-time database to prevent multiple loans at one time; allows customers to repay an outstanding balance in four equal payments coinciding with the customer's pay schedule; allows the customer to rescind a loan until close of business the next day; prohibits wage garnishments; promotes financial literacy; requires lenders to disclose certain information like the annual percentage rate of interest charged; creates a new license specifically for payday lenders and gives the Department of Financial Institutions (DFI) regulatory powers; requires an annual report from DFI to the Legislature regarding payday loan transactions; and prohibits lenders from locating within 1,500 feet of another lender and within 150 feet of certain residential areas.
Senate Bill 530 prohibits auto title lending by a licensed lender unless the loan is no more than 50 percent of the value of the vehicle being used as collateral, as determined by DFI; and the vehicle does not have another security interest. Generally, an auto title loan is defined as a loan of $25,000 or less with a term of not more than 6 months where the vehicle is used as collateral on the loan. Further, the bill establishes a rate cap of 2.75 percent per month on the outstanding balance after the maturity date of the loan; allows the customer to rescind a loan until close of business the next day; prohibits the licensed lender from requiring the customer to provide a key to the vehicle at the time of the loan; and makes requirements related to repossession of a vehicle used as collateral on an auto title loan.
The provisions of Senate Bill 530 take effect on the first day of the 7th month after publication.
I applaud the Legislature's efforts to protect consumers from unfair lending practices. I also believe the state should go further to protect consumers. Therefore, I have partially vetoed the bill to strengthen consumer protection while retaining short-term borrowing for individuals who need that option.
