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Pay day loan outlets face ban push in Illinois
A state Senate committee heard how payday lending has surged to about 300 Illinois locations including seven in Oak Lawn. Officials say high rates trap borrowers, while lenders defend the service claiming two-week loans aid cash flow. Oak Lawn trustees push for a cap or ban and regulators will report on needed changes by September.
MENTIONED IN THIS ARTICLE
State Senate
Oak Lawn
Illinois
95Th Street
Cicero
Harlem
Patrick O’malley
Rpalos Park
Oak Lawn Village Hall
Cicero Avenue
Cook County
Steve Rosenbaum
4Th District
Rosenbaum
Prospect Federal Savings Bank
Worth
Scott Air Force Base
Downstate
Andrew Madonna
Illinois Department of Financial Institutions
Bob Wolfberg
Payday
Burbank
Calumet City
Chicago Heights
Lansing
Village Board
General Assembly
Wolfberg
Illinois Small Loan Association
O’malley
Naperville
Anna
Wesley Hessel
J. Samuel Choate Jr
Tennesee
Choate
American Association of Retired Persons
Illinois Public Interest Research Group
Alan Alop
Legal Assistance Foundation of Chicago
Chicago
Caroline Shoenberger
Consumer Services
Shoenberger
Anne Bowhay