IL HB5455

Amends the Payday Loan Reform Act to change payment cap calculations from "the first calendar month" to "any calendar month" during the loan term.

Prohibits lenders from making payday loans if total monthly payments exceed the lesser of $1,000 or specified percentages of the consumer's gross monthly income (25% for payday loans, 22.5% for installment payday loans, or combinations thereof).

Establishes installment payday loans with terms of 112-180 days that must be fully amortizing with equal consecutive installments spaced 13 days to one month apart.

Caps finance charges at $15.50 per $100 loaned and requires refunds of unearned finance charges using the actuarial method (at minimum) when loans are paid in full.

Limits consumers to no more than 2 outstanding payday loans simultaneously, with exceptions for existing CILA loan holders for 12 months after the Act's effective date.