Fines, Fines and more Fines.

Here is how the state of Illinois treats lenders that try and follow the rules. There are states that are fair, but Illinois is not one of them. They will fine you $1,000 for a $300 loan. Does this make sense?

Every month they post their fines. Here is September’s Fine Report.

I guess this is what it’s come down to in Illinois.  Fines subsidize state jobs for people that are “allegedly” protecting consumers.  It’s not a surprise to me that Illinois is dominated by Democrats.  Here is an example of a fine.  This is a Veritec fine.

The lender entered improper information into the database.  For example, if you put in the borrower’s GMI (gross monthly income) as $2,100 when it should be $1,200, you’re getting a $1,000 fine.  Talk about playing GOTCHA.

To add insult to injury, the loan may be a writeoff.  The lender loses the $300 and gets smacked with a fine.


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