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Fintech Focus: A

Fintech Focus: A
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Fintech Focus: A "Predominant Economic Interest" . . . In Illinois And Maine | Morrison & Foerster LLP

Fintech Focus: A "Predominant Economic Interest" . . . In Illinois And Maine | Morrison & Foerster LLP
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Illinois regulator issues proposed Predatory Loan Prevention Act regulations; lawsuits filed to block implementation of Act's database reporting requirement and for declaration Act does not apply to pawn transactions | Ballard Spahr LLP

Illinois regulator issues proposed Predatory Loan Prevention Act regulations; lawsuits filed to block implementation of Act's database reporting requirement and for declaration Act does not apply to pawn transactions | Ballard Spahr LLP
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Finance company accused of charging excessive interest rates

Goldenberg
EDWARDSVILLE A woman claims a Missouri finance company is operating in Illinois without a license and charging consumers excessive interest rates.
Terrie Luster, individually and on behalf of all others similarly situated filed a complaint May 13 in the Madison County Circuit Court against JRE Financial LLC, doing business as AAA Community Finance, alleging engaging in business without a license, violation of the Illinois Consumer Installment Loan Act and the Illinois Consumer Fraud and Deceptive Business Practices Act and unjust enrichment.
According to her complaint, Luster was issued a $475 loan by AAA in August and was charged an annual percentage rate of 786.72%, which exceeds Illinois law. Luster also alleges AAA is operating in the state without a license from the Illinois Department of Financial and Professional Regulation. ....

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Illinois Regulator Issues Faqs On Predatory Loan Prevention Act And Notice On Database Reporting | Ballard Spahr LLP

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: ....

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