OBAMA. 205 ILCS 670/15f new Amends the Consumer Installment Loan Act. Provides that licensees under that Act may make payday loans only for amounts of $350 or less, may charge fees not exceeding $26 per loan, may impose interest at a rate not exceeding 15% per year, and may not renew or rollover a payday loan. Limits the term of a payday loan to a maximum of 30 days. Effective immediately. 00-01-26 S FIRST READING 00-01-26 S REFERRED TO SENATE RULES COMMITTEE RULES 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary