Illinois Cash Advance Laws & Regulations
The Public Act (PA) 96-936 amending the Consumer Installment Loan Act (CILA) and the Payday Loan Reform Act (PLRA) was signed into law by the Illinois governor and went into effect on March 21, 2011. The reform act provides new guidelines that require that loans not exceed 22.5% of a borrower's gross income. It also created caps that lowered the APR to a more manageable rate for borrowers.
Here are some specific Illinois regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
45 days - Maximum Finance Charges and Fees
No more than $15.50 charged per $100, and maximum APR set at 99% - Maximum Loan Amount
No more than 22.5% of the borrowers gross monthly income - Number of Rollovers
None - Outstanding Loans Allowed at Once
Two - Cool-Off Period
7 days
- Payment Plan
60 day repayment plan - Collection Fees
$20 NSF fee - Presentment Limit
One - Private Right of Action
Civil - Military Protection
N/A - Penalties
Total cost of loan
As of January 2012, no further legislative mandates governing the cash advance industry in Illinois have been passed.
References:
Consumer Installment Loan Act (CILA)
Illinois Payday Loan Reform Act
Ill. Comp. Stat. Ann. § 122/1-1
Web: Illinois Payday Loan Reform Act
Information by City
More Information about Illinois
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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