MADISON, Wis. - Republican Governor Scott Walker is shrugging off state lawmakers' decision to end his plan to exempt rent-to-own businesses from Wisconsin's consumer protection act.
Under the act, rent-to-own companies must disclose their interests rates. Industry supporters say their transactions don't involve credit and as such should not fall under the act.
Walker's plan would have exempted them from the disclosure requirements and created new statutes tailored to rent-to-owners.
A handful of Republican lawmakers sided with industry critics who insist the businesses prey on the poor and pressed the Legislature's budget committee to wipe out the governor's proposal.
The committee deleted the provisions Thursday. Walker said Friday he believes rent-to-own businesses should have a right to operate in Wisconsin, but new regulations for them were never a priority.
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