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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