ILLINOIS PASSES LAW THAT CAPS INTEREST ON CONSUMER LOANS AT 36% MAPR EFFECTIVE IMMEDIATELY

ILLINOIS PASSES LAW THAT CAPS INTEREST ON CONSUMER LOANS AT 36% MAPR EFFECTIVE IMMEDIATELY

On March 23, 2021, the Illinois Governor signed the Predatory Loan Prevention Act into law. The Act prohibits lenders from charging more than 36% APR on all consumer loans, including closed-end and open-end credit, retail installment sales contracts and motor vehicle retail installment sales contracts. Read More