Updates and Events
Predatory Loan Prevention Act Passes House
In Illinois, the average annual percentage rate (APR) on a payday loan is 297 percent, and the average APR on an auto title loan is 179 percent. Federal law already protects active-duty military with a 36 percent APR cap. The Predatory Loan Prevention Act bill would extend the same protection to Illinois veterans and all other consumers. Seventeen states plus the District of Columbia have 36 percent caps or lower. CTBA joins a coalition of more than 50 consumer, faith, labor, community and civil rights organizations, along with financial institutions and the Office of the Illinois Treasurer, to support the legislation. The legislation is part of an omnibus economic equity bill, one of the Illinois Legislative Black Caucus' four pillars, sponsored by Rep. Sonya Harper.