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County board backs resolution urging payday‑lending caps and consumer protections
Summary
Kenosha County supervisors unanimously approved a resolution urging support for legislation to cap easy‑loan interest at 36% and expand consumer protections after members described local instances of extremely high rates (examples cited up to 900%).
The county board voted to support a resolution urging state action on predatory consumer lending and payday‑loan reform, including urging a 36% maximum interest rate cap aligned with federal guidance. Supervisor Morsy, who presented the resolution, said the issue imposes a heavy burden on low‑income residents and cited local examples of extremely high interest rates.
"There are organizations in this city, this county, this state that charge anywhere from 300 to 900% interest. I personally am aware of an individual that has a 454% loan," Supervisor Morsy said while outlining the resolution's goals. The board moved the measure forward and asked members to contact state legislators when reforms return to the legislature.
The resolution passed after voice votes with some recorded opposition noted; supporters called for coordination with financial institutions and credit unions to promote alternatives and protections for debt‑vulnerable residents.
