wage assignment

A Check-in on Our Legislative Priorities

This is an image of the Illinois State Capitol.

The bill on which we have spent the most time this session is SB 2804, and we have worked closely with our ally, the Illinois Asset Building Group.  The bill, which is sponsored by Senator Daniel Biss, would amend the Illinois Wage Assignment Act.  A wage assignment is a debt collection method used by non-traditional lenders -- like payday lenders -- to access a borrower’s wages when the borrower defaults on a loan.  Federal regulations provide that wage assignments are unlawful unless they are revocable by the borrower.  By contrast, under the Illinois

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