UNDATED (WSAU) A state Senate panel will hold a public hearing next Thursday in West Allis on pay-day loan regulations which are different than what the Assembly passed last month. Senate Democrat Jim Sullivan of Wauwatosa is proposing a 33-percent annual interest rate for loans which are not paid back by their first deadline. Before then, lenders could set any rate they wanted.

Sullivan’s bill would limit pay-day advances to 900-dollars, and there would be new zoning rules for locating pay-day loan offices. The Assembly’s version does not set any interest limits. But the loans could be no higher than 600-dollars. Roll-overs would be banned. And lenders could not demand car titles as collateral.

The Assembly was passed amid controversy involving Speaker Mike Sheridan, who had dated a lobbyist for the pay-day loan industry. He says they’re no longer going out together.