815 ILCS 123/15-1-1
Short title
Short title. This Article may be cited as the Predatory Loan Prevention Act. References in this Article to "this Act" mean this Article. (Source: P.A. 101-658, eff. 3-23-21; 102-687, eff. 12-17-21.)
Illinois Compiled Statutes 815 ILCS 123 — Predatory Loan Prevention Act.
Illinois · statute · 815 ILCS 123 · 24 active provisions
815 ILCS 123/15-1-5
Purpose and construction
Purpose and construction. Illinois families pay over $500,000,000 per year in consumer installment, payday, and title loan fees. As reported by the Department in 2020, nearly half of Illinois payday loan borrowers earn less than $30,000 per year, and the average annual percentage rate of a payday loan is 297%. The purp…
815 ILCS 123/15-1-10
Definitions
Definitions. As used in this Act: "Consumer" means any natural person, including consumers acting jointly. "Department" means the Department of Financial and Professional Regulation. "Lender" means any person or entity, including any affiliate or subsidiary of a lender, that offers or makes a loan, buys a whole or part…
815 ILCS 123/15-1-15
Applicability
Applicability. (a) Except as otherwise provided in this Section, this Act applies to any person or entity that offers or makes a loan to a consumer in Illinois. (b) The provisions of this Act apply to any person or entity that seeks to evade its applicability by any device, subterfuge, or pretense whatsoever. (c) Banks…
815 ILCS 123/15-5-5
Rate cap
Rate cap. Notwithstanding any other provision of law, for loans made or renewed on and after the effective date of this Act, a lender shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a loan. For purposes of this Section, the annual percent…
815 ILCS 123/15-5-10
Violation
Violation. Any loan made in violation of this Act is null and void and no person or entity shall have any right to collect, attempt to collect, receive, or retain any principal, fee, interest, or charges related to the loan. (Source: P.A. 101-658, eff. 3-23-21.)
815 ILCS 123/15-5-15
No evasion
No evasion. (a) No person or entity may engage in any device, subterfuge, or pretense to evade the requirements of this Act, including, but not limited to, making loans disguised as a personal property sale and leaseback transaction; disguising loan proceeds as a cash rebate for the pretextual installment sale of goods…
815 ILCS 123/15-5-16
Prohibition on secured loans for canines and felines
Prohibition on secured loans for canines and felines. No person or entity shall make a secured loan for the purchase of a canine or feline. Any secured loan made for the purchase of a canine or feline is null and void. This Section shall apply prospectively and shall not apply retroactively. This Section shall not impa…
815 ILCS 123/15-5-20
Rules
Rules. The Secretary may adopt rules consistent with this Act and rescind or amend rules that are inconsistent. The adoption, amendment, or rescission of rules shall be in conformity with the Illinois Administrative Procedure Act. (Source: P.A. 101-658, eff. 3-23-21.) (815 ILCS 123/Div. 10 heading) Division 10. Adminis…
815 ILCS 123/15-10-5
Enforcement and remedies
Enforcement and remedies. (a) The remedies provided in this Act are cumulative and apply to persons or entities subject to this Act. (b) Any violation of this Act, including the commission of an act prohibited under Article 5, constitutes a violation of the Consumer Fraud and Deceptive Business Practices Act. (c) Subje…
815 ILCS 123/15-10-10
Preemption of administrative rules
Preemption of administrative rules. Any administrative rule regarding loans that is adopted by the Department prior to the effective date of this Act and that is inconsistent with the provisions of this Act is hereby preempted to the extent of the inconsistency. (Source: P.A. 101-658, eff. 3-23-21.)
815 ILCS 123/15-10-15
Reporting of violations
Reporting of violations. The Department shall report to the Attorney General all material violations of this Act of which it becomes aware. (Source: P.A. 101-658, eff. 3-23-21.)
815 ILCS 123/15-10-20
Judicial review
Judicial review. All final administrative decisions of the Department under this Act are subject to judicial review under the Administrative Review Law and any rules adopted under the Administrative Review Law. (Source: P.A. 101-658, eff. 3-23-21.)
815 ILCS 123/15-10-25
No waivers
No waivers. There shall be no waiver of any provision of this Act. (Source: P.A. 101-658, eff. 3-23-21.)
815 ILCS 123/15-10-30
Superiority of Act
Superiority of Act. To the extent this Act conflicts with any other State laws, this Act is superior and supersedes those laws, except that nothing in this Act applies to any lender that is a bank, savings bank, savings and loan association, or credit union chartered under laws of the United States. (Source: P.A. 101-6…
815 ILCS 123/15-10-35
Severability
Severability. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. (Source: P.A. 101-658, eff. 3-23-21.) (815 ILCS 123/Div. 90 heading) Division 90. Amendatory Provisions (Source: P.A. 101-658, eff. 3-23-21.)
815 ILCS 123/15-90-5
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(Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)
815 ILCS 123/15-90-10
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(Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)
815 ILCS 123/15-90-20
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(Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)
815 ILCS 123/15-90-25
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(Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)
815 ILCS 123/15-90-30
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(Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)
815 ILCS 123/15-90-35
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(Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.)
815 ILCS 123/15-90-40
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(Amendatory provisions; text omitted). (Source: P.A. 101-658, eff. 3-23-21; text omitted.) (815 ILCS 123/Art. 20 heading) Article 20. (Amendatory provisions; text omitted)(Source: P.A. 101-658, eff. 3-23-21.) (815 ILCS 123/Art. 99 heading) Article 99. (Source: P.A. 101-658, eff. 3-23-21.)
815 ILCS 123/99-99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 101-658, eff. 3-23-21.)