IL SB3410

Reduces maximum finance charges on payday loans from $15.50 to $7.75 per $100 loaned, applicable to both standard payday loans and installment payday loans.

Authorizes municipalities to limit the number of payday loan licensees operating within their jurisdiction beginning January 1, 2015, with a minimum cap of no fewer than 5 licenses per municipality.

Requires the Department of Financial and Professional Regulation to randomly nonrenew licenses if the number of renewal applications would exceed a municipality's established limit on licensed locations.

Modifies license issuance requirements to include a finding that issuance would not result in exceeding the municipality's limit on the number of licensed payday loan locations.

Establishes a 7-calendar-day waiting period before a payday lender can offer a new loan to a consumer after outstanding payday loans exceed 45 consecutive days of indebtedness.