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Illinois Legislature Passes Sweeping Changes to Customer Lending Laws

Illinois Legislature Passes Sweeping Changes to Customer Lending Laws

Early today the Illinois legislature passed and delivered to Governor Pritzker https://badcreditloanapproving.com/ for signature, the most restrictive consumer financing bills observed in decades that, if finalized, may have far reaching implications for not just the payday lending and sub-prime financing industry, but traditional prime lenders aswell.

Illinois Senate Bill 1792 (“SB 1792”) contains, among other activities, the “Illinois Predatory Loan Prevention Act” (“ILPLPA” or even the “Act”) that may affect all lenders within the state. A rather brief, bullet point summary regarding the major articles associated with the ILPLPA is below.

Illinois Predatory Loan Prevention Act

The ILPLPA offers the after significant modifications towards the existing Illinois customer Installment Loan Act (“CILA”), 1 the Illinois product Sales Finance Agency Act (“SFAA”), 2 plus the Illinois Payday Loan Reform Act (“PLRA”) 3 :