David Beam

David Beam

Mayer Brown

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Illinois Imposes Strict 36% Usury Cap for a Range of Consumer Finance Products and Providers

On March 23, 2021, Illinois Governor JB Pritzker signed into law Senate Bill 1792, enacting the Predatory Loan Prevention Act (PLPA) and capping interest at an “all-in” 36% APR (similar to the Military Lending Act’s MAPR) for...more

4/26/2021  /  Consumer Financial Products , Financial Services Industry , Interest Rates , Loans , New Legislation , Predatory Lending , State and Local Government , Structured Finance , Usury
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