Consumer Installment Loan Reform Defeated by “Present” Votes
The bill intended to reign in high interest rates on small dollar loans and close the loophole in the Payday Loan Reform Act was defeated in the House Executive Committee. Despite efforts of many advocates, IABG included, the committee members voted “present” and did not pass the bill out of committee. An article from Progress Illinois details the events at the Capitol regarding this bill.
IABG is committed to ending usury in Illinois and will continue to work with elected officials, lenders, and advocates to ensure credit is available at reasonable rates.
To read an article about the events leading up to the bill’s defeat, click here.