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91_SB1226
LRB9106258JSpc
1 AN ACT to amend the Consumer Installment Loan Act by
2 adding Section 15f.
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 loan; interest.
9 (a) As used in this Section, "payday loan" means a loan
10 not exceeding $500 having a term not exceeding 60 days made
11 to a natural person in a transaction in which the lender
12 receives a check, draft, or similar instrument that is
13 postdated to the maturity date of the loan in an amount that
14 fully satisfies the borrower's obligation under the loan
15 agreement.
16 (b) A licensee may not charge interest for a payday loan
17 at a rate in excess of 49% per year.