Senate Sponsors: OBAMA. Short description: PAYDAY LOAN 15% INTEREST Synopsis of Bill as introduced: 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. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status