Illinois Legislature Passes New “All-In” Finance Charge Cap
CFPB Monitor
JANUARY 19, 2021
Under SB 1792, any loan made in excess of a 36% MAPR would be considered null and void, and no entity would have the “right to collect, attempt to collect, receive, or retain any principal, fee, interest, or charges related to the loan.” The legislation provides for a fine of up to $10,000 for each violation.
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