Lending Industry Practices

Support of:

• Provisions to provide consumers accurate and complete information on the costs of loans (terms, interest, fees and penalties). Consumers would benefit if provided information about other financial options.
• Provisions for all lenders to implement a tracking system to enable shared information on monitoring of loans; preventing overuse of rollovers and concurrent loans. Lenders should be encouraged to assist in providing consumer education.
• Efforts of municipalities in Wisconsin to use the avenues available to regulate non-chartered lending businesses. The Milwaukee Task Force on Convenient Lending recommendations are reasonable standards.
• Encouraging chartered financial institutions to maintain a presence in low to moderate income areas.
• State and federal regulations for the most important elements of consumer protection in the form of limits on interest, term, rollovers, amount and number of concurrent loans.