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Landmark payday loan act in Illinois

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  • Harry Pestine

Abstract

On June 9, 2005, Governor Rod R. Blagojevich signed a landmark Payday Loan Reform Act that for the first time will regulate the payday loan industry in Illinois and strengthen protection to consumers, especially working families and members of the military against predatory and abusive practices. The Act became effective in December 2005. ; ?Payday loans are supposed to help working people cover unexpected costs and emergencies. They?re not supposed to break their bank accounts. We needed to do something about this, and we have achieved it,? said Gov. Blagojevich upon signing the law during a ceremony at the Sargent Shriver National Center on Poverty Law. The Governor was joined by elected officials, legislators, advocate organizations, and individuals who have been the victims of abusive loans.

Suggested Citation

  • Harry Pestine, 2006. "Landmark payday loan act in Illinois," Profitwise, Federal Reserve Bank of Chicago, issue Feb, pages 23-24.
    • Handle: RePEc:fip:fedhpw:y:2006:i:feb:p:23-24
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    File URL: http://www.chicagofed.org/digital_assets/publications/profitwise_news_and_views/2006/02_2006_pnv.pdf
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    References listed on IDEAS

    as
    1. Angela C. Lyons & Erik Scherpf, 2005. "Moving from unbanked to banked: evidence from the Money Smart program," Proceedings 964, Federal Reserve Bank of Chicago.
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    Keywords

    Unbanked; Predatory lending;

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