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Illinois Passes Bill Prohibiting Lenders From Charging Significantly More Than 36% APR on Customer Loans

Illinois Passes Bill Prohibiting Lenders From Charging Significantly More Than 36% APR on Customer Loans On January 13, the Illinois legislature unanimously passed the Predatory Loan Prevention Act (SB 1792) (“PLPA”), which will prohibit loan providers from charging significantly more than 36% APR on customer loans. Especially, the PLPA would connect with any loan that