IL HB5022

Amends the Payday Loan Reform Act to expand the definition of "official documentation of income" to include tax returns, government benefits documentation, income documentation prepared by the source of income, consumer credit reports, and other official documentation in addition to pay stubs.

Removes the previous requirement that "gross monthly income" be demonstrated only by pay stubs or receipts reflecting payment of government benefits.

Applies to payday loans defined as loans with a finance charge exceeding an annual percentage rate of 36% with a term not exceeding 120 days.

Effective immediately upon becoming law.