Why do people autoatically assume that this is a bad thing? Providing campaign contributions is a good thing. There isn’t a single effetive organization out there that doesn’t donate to campaign funds. The industry is operating in good faith above the table. It looks like Illinois’ lenders are pretty organized compared with other states. Payday […]
Category Archives: Illinois
Who’s Right? Maybe No One?
“In a study conducted by the Federal Reserve Bank of New York, researchers found that states with bans on payday lending experience an increase in bounced checks, higher rates of bankruptcy, and more complaints related to collections” writes Matthew Glans in the Illinois Daily Herald titled “Payday loan bill is regulatory overkill.” Eight days later, […]
Posted in Illinois
Are City Zoning Laws Becoming a Trend?
Not municipalities are getting involved in payday lending regulation. Casa Grande in Arizona is trying to change their zoning laws to limit payday loan stores to establish distance requirements for payday loan stores. The article also goes on to state, “the city cannot pass laws that would put an operation out of business just because […]
Limits on Title Loans in Illinois
Most title lenders in Illinois give loans of atleast 61 days or greater. The new rule would will not except these lenders from refinance limitations and instigate a cool off period. I have no idea how they’re going to enforce this. How does a lender know if someone else gave a person a loan less […]
Also posted in title loans
Illinois Senator Dick Durbin is Wants a 36% Cap
If the government capped mortage rates at 5%, how many people would own a house? I think you can call it politicians being politicians. It sounds very noble to try and help people. Dick Durbin wants to cap rates at 36%. I would prefer if he would just say, we’re trying to close the industry […]
Also posted in national
SB1993 Is Dead in Illinois
If you’re not familiar with senate bill 1993, it’s a that was proposed in the 2008 session. This bill didn’t pass, so the industry has another year of self reflection. This issue is complex because there are a few different interest groups at work: the consumer groups, the CFSA and the ISLA.I think that Illinois […]
Posted in Illinois
