SB 2306 and HB 3192 would insert the TILA Loophole into the Predatory Loan Prevention Act. The TILA...Read more
Fact Sheet: Predatory Loan Prevention Act
IABG is partnering with community leaders, including Woodstock Institute, IL PIRG, AARP, SEIU, the Catholic Conference of Illinois, and more than 100 other organizations to strongly urge Governor Pritzker to sign the Predatory Loan Prevention Act. The Illinois General Assembly passed SB 1792 in January 2021 with bipartisan support in both chambers.
The Predatory Loan Prevention Act would prohibit lenders from charging more than 36% APR (annual percentage rate) on consumer loans. In Illinois, the average APR on a payday loan is 297%, and the average APR on a title loan is 179%. Federal law already protects active-duty military with a 36% APR cap. This bill would extend the same protection to Illinois veterans and all other consumers.
Download the fact sheet to learn more.
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Call Governor Pritzker's office at 312-814-2121 and urge him to sign SB 1792, the Predatory Loan...Read more