Early today the Illinois legislature passed and delivered to Governor Pritzker for signature, the most restrictive consumer financing bills observed in decades that, if finalized, may have far reaching implications for not just the payday lending and sub-prime financing industry, but traditional prime lenders aswell.
Illinois Senate Bill 1792 (вЂњSB 1792вЂќ) contains, among other activities, the вЂњIllinois Predatory Loan Prevention ActвЂќ (вЂњILPLPAвЂќ or even the вЂњActвЂќ) that may affect all lenders within the state. A rather brief, bullet point summary regarding the major articles associated with the ILPLPA is below.
Illinois Predatory Loan Prevention Act
The ILPLPA offers the after significant modifications towards the existing Illinois customer Installment Loan Act (вЂњCILAвЂќ), 1 the Illinois product Sales Finance Agency Act (вЂњSFAAвЂќ), 2 plus the Illinois Payday Loan Reform Act (вЂњPLRAвЂќ) 3 :
The ILPLPA imposition of the first in the nation 36% Military Annual Percentage Rate to all CILA, SFAA, and PLPRA licensees, will require anyone operating under these acts to review and amend their compliance management systems in response to the Act while certainly the provisions of the Act attempting to eliminate the online bank-origination model will become the subject of debate, especially in light of the ongoing litigation over the Office of the Comptroller of the CurrencyвЂ™s regulation with respect to the вЂњtrue lenderвЂќ doctrine, if signed into law by Governor Pritzker.
Governor Pritzker has sixty (60) times to sign or veto SB 1792. The Act will end up effective upon the GovernorвЂ™s signature.
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