Senate Vote on Rate Cap Report

WISDOM Leaders,

Thank you for your work in putting together a powerful press conference in Madison today.  Because of our work, we were able to bring together a bi-partisan group of Senators to work on the important justice issue of usury brought about by the predatory payday lending industry.  We do not very often get the opportunity to stand with a Democrat and Republican Senator in a press conference united around any issue, but today was different. While we did not win the passage of an interest cap today, be mindful of the work that we have done in our state in these past few months.

  • Despite over 1/2 a million dollars in lobbying efforts, were able to get an amendment offered on the floor of the Assembly and Senate with a strong possibility of passage
  • WISDOM offered a revival of hope amongst our legislators and statewide coalition partners on the possibility of an interest rate cap
  • We developed powerful relationships with community members, clergy, new congregations, and legislators in standing for justice and against predatory loan sharking
  • We stand stronger today as WISDOM, a collection of affiliates across the state with a greater understanding of how we can work together and that of the strength of our leaders amongst our own affiliates

Senate Bill 530 and 36% Interest Rate Cap Amendment

  • 36% Interest Rate did not pass.  After much debate on the floor, 12 Senators voted in favor, 21 against.
  • Sub Amendment to SB530 (what passed out of committee) Passed.  After no debate, 21 senators voted in favor of the bill, 12 voted against.

This is not a time to close the book on our work to end the usury of predatory payday lending.  We will discuss the consequences to attempt strengthening what we can between the Senate and Assembly and weigh the benefits of a possible county by county resolution in the fall.

 

Here is the breakdown of how each Senator voted regarding the rejection of the rate cap. The Ayes rejected the cap; Nayes were in support of the 36% interest rate cap.


Wisconsin Senate Roll Call
2009-2010 SESSION

SB 530
REJECT AMENDMENT
SA1 - SSA1

AYES - 21

DARLING

DECKER

ERPENBACH

FITZGERALD

HANSEN

HARSDORF

HOLPERIN

HOPPER

JAUCH

KANAVAS

KEDZIE

KREITLOW

LEHMAN

LEIBHAM

MILLER

OLSEN

PLALE

SCHULTZ

SULLIVAN

TAYLOR

WIRCH

 

NAYS - 12

CARPENTER

COGGS

COWLES

ELLIS

GROTHMAN

KAPANKE

LASEE

LASSA

LAZICH

RISSER

ROBSON

VINEHOUT

NOT VOTING - 0

 

 

 

Stephanie Gyldenvand
ESTHER Organizer
(920) 216-0891
www.esther-foxvalley.org