State Senator Andre Jacque of De Pere has joined forces with Representative Scott Allen of Waukesha to bring forth The Predatory Lending Prevention Act.
This bill aims to prohibit payday lenders from charging an annual percentage rate of interest greater than 36 percent.
Several other states have similar restrictions already in place, including Nebraska, which approved a binding ballot initiative last November with an overwhelming 83% of the vote to cap rates on payday loans at 36% throughout the state.
According to the most recent report earlier this year by the Wisconsin Department of Financial Institutions, payday loans in Wisconsin come with an average annual interest rate of 516%.