
Oppose SB2306 / HB3192 – Rate Cap Loophole
SB 2306 and HB 3192 would insert the TILA Loophole into the Predatory Loan Prevention Act. The TILA...
Read moreIABG 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.
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SB 2306 and HB 3192 would insert the TILA Loophole into the Predatory Loan Prevention Act. The TILA...
Read morePredatory loans can set-off a debt spiral and can lead to overdraft fees, loss of a bank account,...
Read moreCall Governor Pritzker's office at 312-814-2121 and urge him to sign SB 1792, the Predatory Loan...
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