Illinois Legislature Passes Sweeping Changes to Customer Lending Laws

Early today the Illinois legislature passed and delivered to Governor Pritzker for signature, the most restrictive consumer financing bills observed in decades that, if finalized, may have far reaching implications for not just the payday lending and sub-prime financing industry, but traditional prime lenders aswell.

Illinois Senate Bill 1792 (“SB 1792”) contains, among other activities, the “Illinois Predatory Loan Prevention Act” (“ILPLPA” or even the “Act”) that may affect all lenders within the state. A rather brief, bullet point summary regarding the major articles associated with the ILPLPA is below.

Illinois Predatory Loan Prevention Act

The ILPLPA offers the after significant modifications towards the existing Illinois customer Installment Loan Act (“CILA”), 1 the Illinois product Sales Finance Agency Act (“SFAA”), 2 plus the Illinois Payday Loan Reform Act (“PLRA”) 3 :

Imposes a 36% rate of interest limit, determined according to the Military Lending Act 4 on all loans, including those made beneath the CILA, SFAA, plus the PLPRA;

Removes the $25 document planning charge on CILA loans;

Repeals the loan that is small of this CILA that formerly permitted for tiny loans more than 36per cent as much as $4,000;

Asserts jurisdiction over bank-origination partnership programs if:

the individual or entity holds, acquires, or keeps, straight or indirectly, the prevalent interest that is economic the mortgage;

the individual or entity areas, brokers, arranges, or facilitates the loan and holds the proper, requirement, or first right of refusal to buy loans, receivables, or interests within the loans;

the totality associated with circumstances suggest that the individual or entity may be the lender additionally the deal is organized to evade what’s needed with this Act. Circumstances that weigh in support of a individual or entity being fully a loan provider include, without limitation, in which the individual or entity:

indemnifies, insures, or protects a person that is exempt entity for just about any expenses or dangers pertaining to the mortgage;

predominantly designs, settings, or runs the mortgage system; or

purports to behave as a realtor, supplier, or perhaps an additional convenience of an exempt entity while acting straight being a loan provider various other states.

The ILPLPA imposition of the first in the nation 36% Military Annual Percentage Rate to all CILA, SFAA, and PLPRA licensees, will require anyone operating under these acts to review and amend their compliance management systems in response to the Act while certainly the provisions of the Act attempting to eliminate the online bank-origination model will become the subject of debate, especially in light of the ongoing litigation over the Office of the Comptroller of the Currency’s regulation with respect to the “true lender” doctrine, if signed into law by Governor Pritzker.

Governor Pritzker has sixty (60) times to sign or veto SB 1792. The Act will end up effective upon the Governor’s signature.

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