Illinois Legislature Passes New “All-In” Finance Charge Cap

January 19, 2021

Subscribe Today

Ballard Sparh, LLP--Sarah T. Reise; Jason M. Cover

Illinois Senate Bill 1792, among other things, enacts the "Predatory Loan Prevention Act" which extends the 36% “all-in” Military Annual Percentage Rate (MAPR) finance charge cap of the federal Military Lending Act (MLA) to “any person or entity that offers or makes a loan to a consumer in Illinois” unless made by a statutorily exempt entity (i.e., a bank, savings bank, savings and loan association, credit union or insurance company) and amends the Illinois Consumer Installment Loan Act and the Payday Loan Reform Act to apply this same 36% MAPR cap.

View Article Source →

Stay Informed, Subscribe to the Compliance Newshub

Subscribe Now