Index
Illinois Payday Loan Reform Act
Summary
Regulates payday loans and title loans to protect consumers from predatory lending practices, setting limits on loan amounts, terms, and fees.
Rights & Rules
- 01.You have the right to clear, transparent terms and conditions for payday and title loans, including all interest and fees.
- 02.You have the right to enter an extended payment plan without additional fees if you cannot repay your loan.
- 03.You are protected from excessive rollovers or renewals of your loan.
- 04.You have the right to know your loan repayment options before taking out a loan.
Penalties
- 01.Voiding of illegal loan agreements.
- 02.Refund of illegally collected interest and fees.
- 03.Civil penalties for violations.
- 04.Enforcement by the Department of Financial and Professional Regulation.
Verified Citations
815 Illinois Compiled Statutes 122/1-1 et seq.
Source"The General Assembly finds that the availability of short-term loans has provided a benefit to many Illinois consumers who have limited access to other forms of credit. However, some practices in connection with short-term loans are harmful to consumers. The purpose of this Act is to protect consumers by providing for licensing and by establishing limits and prohibitions on the practices of persons offering or making short-term loans."