The Department of Defense (DoD) has issued a report to the House Committee on Armed Services regarding the impact of a Military Annual Percentage Rate (MAPR) cap lower than 30% on military readiness and servicemember retention.  The DoD, in consultation with the Treasury Department, was required to provide the report by the National Defense Authorization

On March 23, Illinois Governor Pritzker signed into law SB 1792, which contains the Predatory Loan Prevention Act (the “Act”).  The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Secretary of Financial and Professional Regulation to adopt rules “consistent with [the] Act.”

The Act extends the 36%

On January 13, 2021, the Illinois legislature overwhelmingly passed SB 1792 (the “Act”), intended to, among other things, overhaul the state’s consumer finance laws. Described prior to enactment as a bill related to “Energy Storage Systems,” SB 1792 passed, together with other major bills, with remarkably little debate.

The drafters’ inclusion of the