Wisconsin Legislature: Amendment AA1-AB612

LRBa1996/1

RJM:wlj:kjf

1999 - 2000 LEGISLATURE

ASSEMBLY AMENDMENT 1,
TO 1999 ASSEMBLY BILL 612

March 23, 2000 - Offered by Representatives Bock, Pocan and Miller.

AB612-AA1,1,11 At the locations indicated, amend the bill as follows:

AB612-AA1,1,2 21. Page 3, line 10: after that line insert:

AB612-AA1,1,8 3"(1m) Maximum fees and interest. Notwithstanding ss. 138.09 and 422.201
4(9), no payday loan provider may charge, contract for or receive fees and interest for
5a payday loan in an aggregate amount that exceeds 36% per year on the amount of
6the payday loan, calculated according to the actuarial method. For purposes of
7determining compliance with this subsection, each refinancing or consolidation of a
8payday loan shall be considered a new payday loan.".

AB612-AA1,1,10 92. Page 4, line 13: after "calculating" insert "the maximum fees and interest
10permitted under sub. (1m) and for calculating".

AB612-AA1,1,1111 (End)