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O'Malley Pushes Illinois Payday Loan Regulation Bill
Senator Patrick O'Malley proposes state license and local standards for payday and car title lenders. Violators face Class 4 felony penalties. civil fines up to 10 000 by the state department. Legislation would empower municipalities, require local certification, set net worth, fees, loan caps, and lien handling. Local officials and groups back stricter controls to curb high interest and protect borrowers.
MENTIONED IN THIS ARTICLE
Springfield
Patrick O’malley
R-Palos Park
O’malley
Illinois Department of Financial Institutions
General Assembly
Senate Financial Institutions Committee
Oak Lawn
Senate
State Financial Institutions Department
O'Malley
Tion
The
American Association of Retired Persons
Secretary of State