WI AB764

Caps payday loan interest rates at 36% APR, making loans with higher rates unenforceable in Wisconsin

Redefines payday loans as unsecured loans with maturity dates of 90 days to 6 months (previously up to 90 days), prohibiting loans shorter than 90 days

Requires lenders to verify borrowers' ability to repay through a reasonable underwriting process before issuing loans

Mandates that all payday loans be repaid in substantially equal periodic payments and be precomputed (total debt stated upfront including all finance charges)

Requires the Division of Banking to develop a financial literacy course (maximum 3 hours) covering payday loans, with lenders required to disclose its availability to applicants