(Crain’s) — The Illinois General Assembly is on the cusp of capping for the first time the interest rates that consumer finance companies can charge borrowers.
Compromise legislation to overhaul two state laws—the Consumer Installment Loan Act and the Payday Loan Reform Act—cleared the state Senate last week on a 58-1 vote and is pending in the House. Representatives of both consumer groups and lenders, which have battled for three years to close what critics have called a loophole in the payday loan law, expect the House to send the bill to the governor’s desk when lawmakers return to Springfield later this month.
Comment Disclaimer: Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN
