Walker Budget to Loosen Rent- to- Own Rules
Govenor Scott Walker’s new budget could loosen rules governing the rent-to-own industry in Wisconsin.
The proposed budget, announced in mid- February, could exempt rent- to- own businesses from the Wisconsin Consumer Protection Act. That would mean they don’t have to disclose their annual interest rates.
Rent-to-own opponents say the businesses prey on the poor with very high interest rates similar to payday lenders, and disclosing high interest rates is a necessary safeguard.
Walker’s new budget plan has already upset some members of the state legislature. Senator Glenn Grothman, a member of the Legislature’s budget committee, says he doesn’t want to help what he considers to be a “sleazy industry”.