Governor’s creative veto will put auto title lenders out of business in Wisconsin

Veto puts auto title lenders out of work in Wis.

MADISON, Wis. — With a few strokes of his pen, Wisconsin Gov. Jim Doyle has wiped out the auto title loan industry in the state.

Doyle used his partial veto power to ban auto title loans starting Dec. 1. He crossed out 33 words in a bill approved by lawmakers that put new restrictions on auto title loans.

A lawyer who has represented Wisconsin auto title lenders says the move is anti-business. Supporters say the loans are a key source of cash for low-income people who cannot get bank loans.

And 24-year-old Sarah Lemanski, who manages a Loan Max store in Madison, says it will put her out of work.

The governor said his act was a blow against predatory lending and will help protect what is often the biggest asset for poor families.