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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 a variety of consumer
financing, effective immediately. The PLPA uses an expansive
definition of interest for the usury cap s purposes, applies to
a wide array of businesses, and voids any contract that exceeds the
rate cap. Companies providing consumer financing in Illinois and
secondary market purchasers should review their business practices
Ron Raether, who discussed the use of COVID-19 vaccination passports. Raether shared that, “[t]here’s going to be different [vaccine] verification standards[;] there’s too much economic pressure to jump start all of these struggling economies.” It appears the Biden administration would agree with the statement;
Reuters
reported the administration is discussing the possibility of providing airlines guidance for the use of vaccine passports in hopes that it will “ramp up international air travel safely.” While the Biden administration previously stated it would not require businesses to use COVID-19 health applications, it will nonetheless publish usage guidance “that provides important answers to questions that Americans have, in particular around concerns about privacy, security, or discrimination, soon.” However, others don’t agree.
Business Law Today March Month-in-Brief: Illinois All-in APR Calculation, CA Office of Administrative Law Approves Revisions to CCPA, VA Governor Signs VCDPA | Hudson Cook, LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
The PLPA extended the 36% “all-in” Military Annual Percentage Rate finance charge cap of the federal Military Lending Act to “any person or entity that offers or makes a loan to a consumer in Illinois” unless made by a statutorily exempt entity. (The bill containing the PLPA also amended the Illinois Consumer Installment Loan Act (CILA) and the Payday Loan Reform Act (PLRA) to apply this same 36% MAPR cap.)
FAQs. The FAQs expressly state that the PLPA does not impact contracts lawfully entered into before March 23, 2021. Such contracts continue to be effective and the lender can continue to service it. In addition to confirming the PLPA’s March 23 effective date, the FAQs address the following topics:
Letter to editor: Praise for new predatory loan law chicagotribune.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from chicagotribune.com Daily Mail and Mail on Sunday newspapers.