Quiet in Illinois

HB 537 has until tomorrow to pass.  This bill will cap rates on installment loans to 99% among other things.

This bill is not supported by the CFSA or ISLA in Illinois.

If the bill passes, all cash advance lenders will have to start offering payday loans, which are regulated to allow.

Loan Terms:
Maximum Loan Amount: lesser of $1000 or 25% gross monthly income
Loan Term: 13-45 days
Maximum Finance Rate and Fees: $15.50 per $100
Finance Charge for 14-day $100 loan: $15.50
APR for 14-day $100 loan: 403%

Debt Limits:
Maximum Number of Outstanding Loans at One Time: Two
Rollovers Permitted: None (cannot rollover)
Cooling-off Period: 7 days after 45 consecutive loan days
Repayment Plan: Yes

Collection Limits:
Collection Fees: One $25 NSF fee (Presentment limit = 2)
Criminal Action: Prohibited

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