Quinn Signs Law to Protect Service Members From Predatory Lenders

August 17, 2011
Chicago Sun-Times 

The Illinois Payday Loan Reform Act has been signed into law by Gov. Pat Quinn, who said in a press release that the legislation "helps ensure that our service members and their families don't fall victim to predatory lending practices." Sponsored by Rep. Bob Pritchard (R-Sycamore) and Sen. Kimberly Lightford (D-Maywood), the bill steps up penalties on creditors that charge enlisted persons or their dependents more interest on payday, vehicle title, and tax refund anticipation loans than is allowed under federal law. Creditors in Illinois that exceed the 36 percent APR threshold will undergo a review by the state Department of Financial and Professional Regulation and face fines of up to $10,000.
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