IL SB4241

Amends the Pawnbroker Regulation Act to prohibit pawnbrokers from charging interest or fees exceeding the rates permitted under the Predatory Loan Prevention Act, replacing the previous 3% per month cap.

Expands the definition of "loan" under the Predatory Loan Prevention Act to explicitly include transactions subject to the Pawnbroker Regulation Act.

Makes it a violation for any person or entity to solicit, broker, or facilitate the origination of loans that violate the Predatory Loan Prevention Act, and prohibits advertising such loans.

Subjects pawnbrokers who violate the Predatory Loan Prevention Act to discipline under the Pawnbroker Regulation Act, in addition to other enforcement remedies.

Takes effect June 1, 2023, with changes applying retroactively to actions commenced or pending on or after the effective date.