Assembly Bill 628
Assembly Bill 709
Assembly Bill 728
Assembly Bill 730
Assembly Bill 732
Assembly Bill 735
Assembly Bill 755
Assembly Bill 830
Assembly Bill 841
Assembly Bill 858
Assembly Bill 925
Assembly Bill 926
Assembly Bill 932
Presented to the Governor on Thursday, April 15.
Patrick E. Fuller
Assembly Chief Clerk
__________________
Executive Communications
State of Wisconsin
Office of the Governor
Madison
April 14, 2004
To the Honorable Members of the Assembly:
The following bills, originating in the Assembly, have been approved, signed and deposited in the office of the Secretary of State:
Bill Number Act Number Date Approved
Assembly Bill 812229April 13, 2004
Assembly Bill 650230April 13, 2004
Assembly Bill 437231April 13, 2004
Assembly Bill 485232April 13, 2004
Assembly Bill 608233April 13, 2004
Assembly Bill 695234April 13, 2004
A924
Assembly Bill 868235April 13, 2004
Assembly Bill 913236April 13, 2004
Assembly Bill 197239April 13, 2004
Assembly Bill 519240April 13, 2004
Assembly Bill 13242April 13, 2004
Assembly Bill 157243April 13, 2004
Assembly Bill 200244April 13, 2004
Assembly Bill 210245April 13, 2004
Assembly Bill 286246April 13, 2004
Assembly Bill 424247April 13, 2004
Assembly Bill 530248April 13, 2004
Assembly Bill 623249April 13, 2004
AB 859 (in part)256April 15, 2004
Assembly Bill 792257April 15, 2004
Assembly Bill 793258April 15, 2004
Assembly Bill 890259April 15, 2004
Assembly Bill 600265April 15, 2004
Assembly Bill 601266April 15, 2004
Respectfully submitted,
James Doyle
Governor
__________________
Governor's Veto Message
April 15, 2004
To the Honorable Members of the Assembly:
I am vetoing Assembly Bill 665 in its entirety. This bill modifies provisions relating to consumer loans commonly referred to as payday loans. Under the bill, a payday lender must provide notice prior to disbursement of funds that compares the cost of the loan if paid in full to the cost if refinanced three times. The lender must also notify the loan recipient that a payday loan is not intended for long-term financial needs, that it should be used only for financial emergencies, and that consecutive payday loans will require additional interest and can cause financial hardship. Required notifications must also inform a payday loan recipient that he/she shall have no obligation to pay interest or fees if the loan principal is returned by the close of business the day following disbursement of funds. In addition to required notifications, the bill limits payday loans to four consecutive transactions, terms not to exceed 35 days and a disbursement not to exceed $5,000. The $5,000 limitation on a payday loan shall be adjusted annually for inflation under rules to be promulgated by the Department of Financial Institutions. Finally, the bill prohibits a payday lender from initiating or threatening to initiate criminal prosecution for failure of a recipients check or electronic transfer to be paid by the financial institution from which it was drawn.
In 2003, Wisconsin's payday consumers paid nearly $85 million in payday lending fees and more than 90 percent of those fees went directly to out-of-state companies. This industry has a huge economic impact on our communities and we need to seriously address this issue. A study by the Department of Financial Institutions showed that the average annual net income of payday borrowers is less than $19,000 and that over half of the loans analyzed were refinanced. Too often these loans come at a very high price to those who can least afford to pay it. The intent of this bill is to strengthen laws regulating payday loans to protect Wisconsin consumers. Unfortunately, this legislation does not go far enough.
The provisions of this bill do little to change the current practices of payday lenders or to improve on current consumer protection laws. Consumers who turn to payday lenders in times of financial need are often vulnerable and not in a position to fully consider the terms of the agreement in the few minutes it takes to process these transactions. Current law already limits fees and interest paid on consumer loans for which principal is returned within one day. In addition, the department's authority has already been interpreted to protect payday loan recipients from prosecution under worthless check statutes. Finally, without a means of tracking payday loans, provisions limiting the number of consecutive transactions will be unenforceable.
I encourage the Legislature to work with my administration and other concerned groups to draft legislation that will make real changes in the regulation of payday lending and that will ensure the protection of Wisconsin consumers.
Respectfully submitted,
Jim Doyle
Governor
__________________
April 15, 2004
To the Honorable Members of the Assembly:
I have approved
Assembly Bill 859 as
2003 Wisconsin Act 256 and have deposited it in the Office of the Secretary of State. I have vetoed Section 3 (1)(b).
This bill increases funding for manufacturing extension grants by $750,000 GPR annually in fiscal years 2003-04 and 2004-05 and decreases funding to the Wisconsin Development Fund by $1,500,000 GPR in fiscal year 2003-04. In addition, the bill allows the Department of Commerce to award $1,500,000 in manufacturing extension grants in each fiscal year, beginning in fiscal year 2004-05. The bill also removes the restriction that organizations receiving manufacturing extension grants cannot receive grants and loans from the Wisconsin Development Fund.
While I fully endorse providing additional funds to promote and advance technology in manufacturing processes, I object to a reduction in funds to the departments Wisconsin Development Fund. This fund is a key tool in our statewide effort to grow Wisconsin. I am vetoing Section 3(1)(b) to delete the decrease of $1,500,000 GPR to the appropriation under s. 20. 143(l)(c). I am confident that the investments by the Manufacturing Extension Partnership and the Wisconsin Development Fund will result in economic benefits to Wisconsin that far exceed this additional expenditure.
Respectfully submitted,
Jim Doyle
Governor
Communications
State of Wisconsin
Office of the Secretary of State
Madison
To Whom It May Concern:
Acts, Joint Resolutions and Resolutions deposited in this office have been numbered and published as follows:
Bill Number Act Number Publication Date
Assembly Bill 738222April 26, 2004
Assembly Bill 265223April 26, 2004
Assembly Bill 652224April 26, 2004
Assembly Bill 341225April 26, 2004
Assembly Bill 390226April 26, 2004
Assembly Bill 533227April 26, 2004
AB 323 (in part)228April 27, 2004
Assembly Bill 812229April 27, 2004
Assembly Bill 650230April 27, 2004
Assembly Bill 437231April 27, 2004
Assembly Bill 485232April 27, 2004
Assembly Bill 608233April 27, 2004
Assembly Bill 695234April 27, 2004
