DFI spokesman George Althoff confirmed that some loans are not reported under pay day loan statutes.

DFI spokesman George Althoff confirmed that some loans are not reported under pay day loan statutes.

Last year, Republican state legislators and Gov. Scott Walker changed the meaning of cash advance to incorporate just those designed for 3 months or less. High-interest loans for 91 times or higher — often called installment loans — are perhaps not at the mercy of state pay day loan laws and regulations.

Due to that loophole, Bildsten stated, “The data that people have actually to assemble at DFI then report on an basis that is annual the Legislature is virtually inconsequential.”

State Rep. Gordon Hintz, D-Oshkosh, consented. The yearly DFI report, he said, “is seriously underestimating the mortgage amount.”

Workplace of Rep. Gordon Hintz

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