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Payday Lending Reform Legislation Passes General Assembly

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AARP Urges Governor Quinn to Sign into Law, Help Safeguard Customers

SPRINGFIELD, Ill. , might 26 /PRNewswire-USNewswire/ — people and families looking to get some monetary help endure through a hardcore economy, frequently end up within an unending period of financial obligation once they fall victim to abusive customer installment loans whom charge them astronomical prices. But legislation that today passed the typical Assembly provides aspire to Illinoisans because it will dramatically strengthen consumer that is existing.

Home Bill 537, sponsored by Senator Kimberly Lightford and Representative Lou Lang , passed the homely house by a vote of 108-1, and will also be delivered to the Governor’s desk. The measure had passed the Senate 58-1 previous in might. AARP, which backed the legislation, is urging Governor Quinn to signal into law at the earliest opportunity.

“Older individuals, low-income residents and working families who require cash to pay for their bills and take proper care of an urgent situation, tend to be victimized by unscrupulous payday lenders who charge them abusive prices and extortionate costs,” stated AARP Senior Manager for Advocacy and Outreach, Nancy Nelson . ‘ This legislation will assist break through the cycle for financial obligation for 1000s of Illinoisans. We commend the legislation due to their leadership in moving this bill, and urge Governor Quinn to signal it into legislation.”

HB 537 strengthens the defenses within the 2005 pay day loan Reform Act. The 2005 measure defined pay day loans as having regards to 120 times. But abusive loan providers found loopholes to issue loans with no caps in rates, with no limitations towards the amount of terms or the amount of loans permitted per debtor.

The balance had been championed by the Monsignor Egan Coalition for Payday Loan Reform, an easy alliance of advocacy businesses that features AARP, Action Now, AFSCME Council 31, Citizen news Action, Central Illinois Organizing venture, Illinois AFL-CIO, Illinois PIRG, Lutheran personal Services of Illinois , Protestants when it comes to Common Good, SEIU Illinois State Council, Sargent Shriver National focus on Poverty legislation, Voices for Illinois kids, Woodstock Institute and many more.

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