MILWAUKEE - A group of lawmakers announced Thursday that they will push for a law limiting the amount of interest charged on so called "payday loans." Wisconsin is the only state in the nation that does not regulate these types of quick cash loans. "It's wrong to take advantage of people in difficult or desperate situations with a system of abusive fees and charges designed to maximize profits from people who can least afford it," said Rep. Gordon Hintz, (D) Oshkosh, the bill's author. The new proposal would cap interest rates at 36 percent annually. Currently interest rates can run as high as 500 percent. An industry association representing short term lenders promises to fight the bill. The Wisconsin Deferred Deposit Association issued this statement; “Short-term loans are a reasonable financial choice for some consumers. These are a transparent and regulated financial product, and now more than ever, in the midst of extreme economic uncertainty, Wisconsin consumers need continued access to small-dollar, short-term credit.”