Illinois has new payday loan laws

It’s official. ¬†Illinois has a new consumer loan laws.

The House voted 108-1-1 to pass House Bill 537.

The governor has 90 days to sign it, so we should be looking at this bill becoming effective in about one year (between April 1 – May 1, 2010.)

We have 3 products today:

  1. PLRA 14-day product
  2. Payday Installment Loan (new product)
  3. Title loan installment product.

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