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91_SB1506
LRB9112932JSpc
1 AN ACT concerning fees and charges in relation to certain
2 loans, amending a named Act.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Consumer Installment Loan Act is amended
6 by adding Section 15f as follows:
7 (205 ILCS 670/15f new)
8 Sec. 15f. Payday loans.
9 (a) "Payday loan" means a short-term loan that is based
10 on an individual borrower's paycheck and the use of a
11 pre-dated personal check of the individual borrower for
12 collateral.
13 (b) A licensee may make payday loans only in compliance
14 with this Section. A payday loan may not be made for an
15 amount in excess of $350. A payday loan may be made only for
16 a term of 30 days. A licensee may not renew or rollover a
17 payday loan.
18 (c) A licensee may not impose or collect a charge or fee
19 in excess of $26 in connection with a payday loan. The
20 interest rate charged in connection with a payday loan may
21 not exceed 15% per year.
22 Section 99. Effective date. This Act takes effect upon
23 becoming law.