Green Circle Loans Those trying to remove a cash advance loan in Illinois may run into some
trouble this year. As a part of numerous new legislation aimed to solve
budget shortfall issues, the Illinois General Assembly passed a fresh
law in order to curb payday lending and fill up a few of the perceived
holes in past payday lending legislation. A new bill have also been
passed to assist lessen the troublesome amount of wage theft, that's
going up in the state. These new regulations over Illinois payday loans
seem like a section of a recent trend, as other states can also be
passing laws wanting to restrain cash advance payday loans.
Green Circle Loans The new payday lending law in Illinois, HB 537, passed through both houses of the legislature unanimously and reins in lenders in numerous ways. For starters, are going to prevented from charging a lot more than 99 percent interest. This is seen as improvement, although cash advance payday interest is often calculated rather deceptively. Also, loan amounts is going to be set at income level, and equal monthly installment loan repayments is going to be required as well. Though these changes are not particularly radical, they will certainly affect both lenders and borrowers in numerous ways.
SB 3568 Seeks to Curb Rising Wage Theft
In addition to the new payday lending legislation, the Illinois General Assembly also passed a new bill, SB 3568, which can make it simpler for workers to report wage theft of $3,000 or less. Last year, there have been over 10,000 reported cases of wage theft, and also, since it is a large problem that definitely leads to increased payday lending, the check is expected to aid solve predatory cycles. It is estimated at this time that employers over the state owe more than $7 million. To prevent this number from skyrocketing even more, into your market will likely convert it into a felony for an employer to owe $500 or more at the spine wages.
Payday Loan Options inside Wake of Illinois' New Laws
In the wake of Illinois' new payday lending legislation, residents in Chicago or Peoria trying to get a payday loan might find it harder, though possible, to take action. For those in other states, however, it would not be surprising to find new payday lending legislation cropping up over the nation, if you are being wanting an online payday loan, you need to look into your personal state's regulations and look out for new developments in state legislation.