IL HB4873

Lenders may charge a maximum $25 fee for insufficient funds on checks, ACH debits, or payday loan items, with only one fee collected per item regardless of multiple return deposits.

Lenders may charge up to $1 for verification fees related to payday loans, and up to $3 for verification fees related to installment payday loans beginning July 1, 2020, not to exceed the amount charged by certified consumer reporting services.

Certified consumer reporting services may charge up to $1 for verification fees when loans are made or entered into the database, increasing to up to $3 for installment payday loans beginning July 1, 2020.

Lenders must update the certified verification database on the same day a payday loan is made, when a consumer elects a repayment plan, and when a loan is paid in full, including refinanced installment payday loans.

Lenders may only present checks, ACH debits, or other payday loan items for payment a maximum of twice and may not impose any additional finance charges, interest, fees, or charges beyond those specifically permitted in the Act.