Illinois to implement 36% rate cap on auto loans

© Can Stock Photo / actionsports

The Illinois State Legislature passed a bill late yesterday as the Assembly adjourned that will impose a 36% “all-in” interest rate cap on consumer loans, in line with the U.S. military APR calculation required under federal law. The Predatory Loan Prevention Act passed unanimously in both the Illinois House and Senate, is a significant regulatory […]

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