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 Posted: Fri Sep 21, 2007 11:38 am Subject: I live in Illinois - please help
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Ive read thru some postings you are great!! I am hoping that you can educate me on the law(s) on pdl's for my state - Illinois.
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hvn_sent
Joined: 21 Sep 2007
Posts: 226
Debtcc Points: 4432
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Posted: Fri Sep 21, 2007 1:08 pm Subject:
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Hello hvn_sent, welcome to the Forums!
Here's what I found on Illinois.gov:
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The Payday Loan Reform Act provides consumer protections by restricting payday lending in several ways:
Limits the interest that can be charged for each loan to $15.50 per $100;
Sets a cap on total loan amounts to $1,000 or 25% of a customer’s monthly salary, whichever is less; Prevents borrowers from having more than two loans at a time;
Provides that payday borrowers cannot have payday loans for more than 45 days. Once they have reached the 45-day limit they must have at least a seven-day loan free period.
Creates a new 56-day repayment period with no additional interest charges for borrowers who have trouble repaying their loans;
Protects borrowers from facing criminal prosecution for unpaid loans, and from paying attorneys fees and court costs;
Extends special protections to members of the military, including a ban on garnishing wages, deferral of collections for deployed personnel, and a prohibition on contacting a borrower’s commanding officer. |
Hope this helps a bit 
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stefan
Joined: 16 Sep 2007
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Posted: Fri Sep 21, 2007 1:18 pm Subject:
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hvn-Welcome to the boards! One of the best ways for us to help is to just keep one thread when looking for the same information.
The IL PDL's laws were posted on the other thread too, so I will ask one of the moderators to redirect responses to one or the other.
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volleyballmom
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goudah2424
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