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IL HB5341
Bill
Status
2/14/2020
Primary Sponsor
Mary Edly-Allen
Click for details
AI Summary
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Amends the Payday Loan Reform Act to cap the annual percentage rate (APR) on all payday loans, including installment payday loans, at 39%.
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Removes the previous $15.50 per $100 loaned finance charge limit and replaces it with the 39% APR cap as the governing rate limitation.
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Maintains existing payday loan requirements including minimum 13-day loan terms, restrictions on consecutive borrowing periods (45 days for standard loans, 180 days for installment loans), and limits on multiple simultaneous loans.
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Applies the 39% APR cap uniformly across all payday loan types, overriding any conflicting provisions in the Payday Loan Reform Act.
Legislative Description
PAYDAY LOAN 39% APR LIMIT
Last Action
Rule 19(b) / Re-referred to Rules Committee
6/23/2020