Illinois Legislature Passes Sweeping Changes to Customer Lending Laws

Early today the Illinois legislature passed and provided for Governor Pritzker for signature, the most consumer that is restrictive bills present in years that, if finalized, has far reaching implications for not just the payday lending and sub-prime financing industry, but old-fashioned prime loan providers aswell.

Illinois Senate Bill 1792 (“SB 1792”) contains, among other items, the “Illinois Predatory Loan Prevention Act” (“ILPLPA” or even the “Act”) that may affect all loan providers into the state. A really brief, bullet point summary for the major articles regarding the ILPLPA is below.

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