What can be done in illinois with payday loans
Date: Tue, 10/02/2007 - 19:58
I live in illinois, what can i do about these. Can i cancel my checking account and just work something out with them.
Someone will be along shortly to advise you on your next steps.
Someone will be along shortly to advise you on your next steps. Are these storefronts of internet pdl's? We need to know, someone will be along to post your state pdl laws. Hang tight.
ladybug
Here is the the Payday loan laws for Illinois (just select your
Here is the the Payday loan laws for Illinois (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html
Illinois has definite long-arm statutes, meaning that a company
Illinois has definite long-arm statutes, meaning that a company from another state, who is doing business within the state, must follow Illinois law. The PDLs cannot use the argument that "the loan is under Nevada law (ow wherever they're from)".
The Illinois Payday Loan Reform Act (which sets forth the terms in the above post) was enacted in December 2005. Any payday loan you entered into after 12/1/05 must follow those laws.
Simply put, if the loan is not "legal" then they have no recourse against you if you do not pay it. You can reach the IL Dept of Financial Institutions, Consumer Credit Section through their website at http://www.idfpr.com/dfi/CCD/ccd_main.asp . This is the agency that regulates all payday loans in IL.
They also have a section of the site devoted to payday loans: http://www.idfpr.com/dfi/ccd/ccd_payday_loans.asp
