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Illinois fines payday lenders $500,000 in 10 months

November 1, 2006 - Springfield, Illinois

The state of Illinois has fined payday lenders operating in the state over 500,00 since the Payday Loan Reform Act (PLRA) went into effect in December, 2005. Governor Blagojevich signed the Monsignor Egan Payday Loan Reform Act in June, 2005.

According to the Illinois Department of Financial and Professional Regulations (IDFPR), between 45,000 and 60,000 payday loans are issued in Illinois every month.

The average Illinois payday loan is for $334.69.

Under the Payday Loan Reform Act, consumers can opt for a no-interest payment plan rather than rolling over the loan. The law also caps interest payments and fees to $15.50 per $100 borrowed.

Since the PLRA went into effect, Affinity Credit Services was fined $273,000, Americash was fined $190,000 and Advance America was fined over $75,000.

News Source

RTO Online, Staff Writer

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