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The Catholic Conference of Illinois is proud to announce that Gov. J.B. Pritzker today finalized into legislation Senate Bill 1792, creating the Predatory Loan Prevention Act, which caps the percentage that is annual (APR) on predatory loans, such as for instance payday and automobile name loans, at 36%. Illinois becomes the state that is 18th cap APRs at 36per cent, combined with the District of Columbia.
CCI joined other social justice advocacy teams in pressing passage through of the https://worldloans.online/ legislation throughout the January lame-duck session, and celebrates the governorвЂ™s action today.
Browse the news release granted by the combined teams below.
Predatory Loan Prevention Act Signed into Law
Advocates, company, community, and faith leaders celebrate 36% rate of interest cap on loans; applaud Illinois Ebony Caucus for leading economic equity pillar
CHICAGO (March 23, 2021)вЂ”The Predatory Loan Prevention Act (SB1792 вЂ“ PLPA), finalized into legislation by Governor Pritzker today, marks a milestone that is significant financial equity in Illinois and possibly sets the phase for any other states to adhere to. Years within the generating, advocatesвЂ”including a diverse coalition of 150 nonprofits, civil legal rights teams, loan providers, faith leaders, and elected officialsвЂ”applaud the task and vision set because of the Illinois Ebony Legislative Caucus that helped result in the standard-bearing bill feasible in a crucial monetary 12 months for a lot of.
The PLPA establishes a 36% APR cap on consumer loans in Illinois, supplying defenses against pay day loans, installment loans, and car name loans, making more cash in familiesвЂ™ pouches to invest into the regional economy and produce local jobs. Illinois customers save money than $400 million each year in payday and automobile name loan fees, together with normal APR on a cash advance had been 297%.