MADISON, WI -- Senator Rob Stafsholt (R - New Richmond) has authored legislation recently signed into law that would exempt finance transactions with no charge or fee from payday loan regulations.
Companies are coming out with new “Buy Now, Pay Later” financing services for consumers, offering short-term credit with zero interest. Until now, these companies would have needed to pay a fine for delinquent payments, and these regulations have halted these services from being offered in the state. Because this bill has now been signed into law, companies would not need to pay these fines, and these services will be made available to Wisconsinites.
“The regulations have been holding these services back from reaching Wisconsin residents. Companies are innovating, and, until now, regulations have stood in the way”, said Senator Stafsholt. “As a business owner from Northwestern Wisconsin, I understand when red tape and burdensome regulation handicaps a business.”
The Senator continued by saying, “Consumers are going to have more financing options available to them because of this bipartisan bill. With this change to the law, I expect more products and options to be released to the public soon. This is a win for both businesses and consumers.”