MADISON, Wis. -- A panel of Wisconsin appellate judges asked the state Supreme Court on Thursday to decide when interest rates on payday loans become excessive.
The case marks the first time Wisconsin courts have faced the question of whether state statutes permit judges to determine when interest rates on short-term loans are too high, the 4th District Court of Appeals wrote in its request. The Supreme Court is best suited to make a ruling since any decision will have a statewide impact on consumer credit transactions, the appeals court said.
The case stems from a series of loans Jesica Mount of Onalaska secured from Payday Loan Stores of Wisconsin Inc. during the last quarter of 2008. According to court documents, annual interest rates on the loans varied from 446 percent to 1,338 percent.
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