HereвЂ™s A wednesday press releaseвЂ¦
The Illinois General Assembly passed the Predatory Loan Prevention Act today, that may implement a 36 per cent interest limit on customer loans, including payday and car name loans. The legislation, SB1792, which passed with a vote that is bipartisan both chambers, was filed within the Illinois Legislative Ebony CaucusвЂ™ financial equity omnibus bill, and had been sponsored by Rep. Sonya Harper and Sen. Chris Belt. Senator Jacqueline Collins, seat associated with Senate banking institutions, spearheaded the coalition that is broad supported the measure.
In Illinois, the typical percentage that is annual (APR) on an online payday loan is 297 %, plus the normal APR on a car name loan is 179 %.