Illinois General Assembly - Bill Status for HB6734

Amends the Payday Loan Reform Act. Changes the short title to the Payday and Small Consumer Loan Reform Act. Changes the definition of "payday loan" to a definition of "payday loan or small consumer loan", with a change in maximum duration of a loan from 120 to 240 days and other changes. Deletes language providing that a lender may not charge more than $15.50 per $100 loaned on any payday loan over the term of the loan and that the charge is considered fully earned as of the date on which the loan is made unless otherwise provided; and adds language providing that a lender may not charge more than 36% interest calculated on an annual percentage rate basis with all interest charges and fees included. Provides that the Act explicitly includes under its terms all small consumer loans with terms under 241 days that were formerly regulated under the terms of the Consumer Installment Loan Act. Makes other changes. Amends the Financial Institutions Code, the Consumer Installment Loan Act, the Interest Act, and the Consumer Fraud and Deceptive Business Practices Act. Effective immediately.