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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 hoping to get some monetary help survive through a challenging economy, usually 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 considerably strengthen current consumer protections.
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 provided for the Governor’s desk. The measure had passed away the Senate 58-1 previous in might. AARP, which backed the legislation, is urging Governor Quinn to signal into legislation at the earliest opportunity.
«Older people, low-income residents and working families who require cash to cover their bills and take care of a crisis, tend to be victimized by unscrupulous payday lenders who charge them abusive prices and exorbitant costs,» stated AARP Senior Manager for Advocacy and Outreach, Nancy Nelson . ‘ This legislation shall help break through the cycle for financial obligation for tens of thousands 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 protections within the 2005 cash advance Reform Act. The 2005 measure defined loans that are payday having regards to 120 times. But abusive loan providers found loopholes to issue loans without the caps in prices, with no restrictions to your period of terms or perhaps the quantity of loans permitted per debtor.
The balance ended up being championed because of the Monsignor Egan Coalition for Payday Loan Reform, an alliance that is broad of businesses that features AARP, Action Now, AFSCME Council 31, Citizen Action, Central Illinois Organizing venture, Illinois AFL-CIO, Illinois PIRG, Lutheran personal Services of Illinois , Protestants for the Common Good, SEIU Illinois State Council, Sargent Shriver nationwide focus on Poverty legislation, Voices for Illinois kids, Woodstock Institute and many more.