WI SB760

Redefines "payday loan" as any unsecured loan with a maturity date of 6 months or less, replacing the previous definition tied to check-holding arrangements

Caps interest rates on payday loans at 36% annual percentage rate (APR), calculated consistent with federal Truth in Lending Act standards

Requires loan terms of at least 90 days with repayment in substantially equal periodic installments; all loans must be precomputed with finance charges calculated in advance

Mandates lenders verify borrower's ability to repay through underwriting before issuing loans, with maximum loan amounts limited to $1,500 or 35% of gross monthly income

Requires the Division of Banking to develop a financial literacy course (maximum 3 hours) covering payday loans, which lenders must disclose to applicants