|
Learn More About Woodstock |
|
|
|
| |
| |
|
Illinois Protects Consumers, State Finds Several Violations |
|
|
The Monsignor John Egan Payday Loan Reform Act went into effect
Tuesday, December 6. Borrowers choosing to use payday loans to
meet their short term credit needs are now protected by:
- a fee cap of $15.50 per $100 borrowed ($45 for an average loan of $300)
- a limit of two outstanding payday loans not to exceed 25% of the borrowers income, or $1,000, whichever is less.
- a recovery period of 7 days after 45 days of continuous borrowing
- an interest-free repayment plan after 35 days of continuous
borrowing for borrowers seeking to spread out their payments over time
- special protections for members of the armed services
- a consumer reporting service to make sure all payday lenders play by the rules.
State regulators investigated several payday loan operations throughout
the Chicago region and found numerous advertising and lending
violations, according to ABC 7 Chicago.
For more information contact the Monsignor John Egan Campaign for Payday Loan Reform at (312) 427-2114 x111
 |
|
|
View Articles by Month |
|
October, 2007
August, 2007
July, 2007
January, 2007
December, 2006
November, 2006
October, 2006
September, 2006
July, 2006
May, 2006
April, 2006
March, 2006
February, 2006
January, 2006
December, 2005
|
|
|
|
|
|
| 29 E. Madison, Suite 1710 | Chicago, Illinois 60602-4566 | (312) 368-0310 tel | (312)
368-0316 fax |
|
|
|
|
