Zepnick and Plale would not react to demands to comment because of this article. However in a press declaration, Zepnick appeared to spot the fault on cash advance customers: вЂњThe key ingredient to some body caught in payday lending problems has nothing at all to do with the attention prices; it is borrowing significantly more than can be repaid and rolling on the debt in one paycheck period to your next,вЂќ ZepnickвЂ™s declaration noted.
State Rep. Marlin Schneider (D-Wisconsin Rapids) and Alan Lasee (R- De Pere) have actually introduced a bill that could cap rates of interest at 2% 30 days, or 24percent per year, and permit a debtor to sue a loan provider for abuses. State Rep. Andy Jorgensen (D-Fort Atkinson) has drafted a bill but hasnвЂ™t formally introduced it yet.
Zepnick did acknowledge that we now have abuses on the market.
Lisa Lee, an examiner during the state dept. of banking institutions, stated that her workplace usually gets phone phone phone calls from worried cash advance clients that have gotten messages that are threatening their payday lender. вЂњThey wish to know if it is a criminal offenses maybe not to repay one of these simple loans,вЂќ Lee stated. вЂњTheyвЂ™re often threatened with prison.вЂќ