News
Bill introduced to help consumers
Looking for a print version?
Simply use your browser’s ‘Print’ command and a printer-friendly document will be generated automatically.
Also by Amanda Novak:
Sharing tools:
E-mail this article:
Sen. Brian Burke, D-Milwaukee, doesn’t want consumers to have to read the fine print when they apply for a “pre-approved” credit card.
Burke announced a plan Tuesday that would help crack down on consumer fraud in Wisconsin by increasing penalties and expanding legal action to help victims of fraud and deceptive advertising.
Robert Allen, press secretary for Burke, said this bill is essentially an update of the Wisconsin Consumer Act of 1972.
The plan would prohibit “pre-approved” credit card offers, limit liability for stolen ATM cards, expand the definition of deceptive advertising, cap the cost of payday loans and provide tougher penalties for violations.
“You get credit card and payday loan offers in the mail all the time,” Allen said. “This bill would ban deceptive practices.”
Allen said when people do not get accepted for a pre-approved credit card, and then apply for a loan, it affects their credit because banks are less willing to loan money to someone who is unable to get a credit card.
“People get credit card offers that say they are pre-approved, and then people try and get these and they are denied,” said Allen. “Being denied for credit just makes it worse because when you are denied for a credit card it snowballs.”
Allen said the legislation would require greater disclosure for loan and credit offers.
Herald Blogs
The Beat Goes On
Fans of Waits will not be disappointed
Muckrakers
Report: Barrett to make decision by the end of the week
Extra Points
Top Classified Ads (view all)
SPRING SUBLET: 1 bedroom in 2 bedroom at the Aberdeen. Rent negotiable. Email arkramer@wisc.edu
GENTLE WOMEN...THROUGH the lens of Douglas J. Nesbit, newly released book now available for holiday gifts! www.gentlewomen.us
Leave a comment