Illinois Imposes Strict 36% Usury Cap for a Range of Consumer Finance Products and Providers
By EsqSocial Corporation 26/04/21
On March 23, 2021, Illinois Governor JB Pritzker signed into law Senate Bill 1792, enacting the Predatory Loan Prevention Act (PLPA) and capping interest at an “all-in” 36% APR (similar to the Military Lending Act’s MAPR) for a variety of consumer financing, effective immediately....
By: Mayer Brown - Retained Interest