Predatory Loan Prevention Act

In March 2021, 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 Department  of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”

The Act extends the 36%

The Illinois Department of Financial and Professional Regulation (DFPR) has issued Predatory Loan Prevention Act Frequently Asked Questions (PLPA).  The PLPA became effective on March 23, 2021, the day it was signed into law by Governor Pritzker.  The DFPR also issued a “Notice Regarding the Consumer Reporting Database and the Predatory Loan Prevention

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%

Unless vetoed by Governor Pritzker, SB 1792 will soon become law and overhaul the state’s consumer finance laws.  After discussing the lenders and loans covered by the 36% APR cap, the types of charges included in the cap, and the penalties for violations, we look at what SB 1792 means for loans made via a

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