Illinois Gov. JB Pritzker yesterday signed the Predatory Loan Prevention Act into law. The law caps interest rates for payday and other small dollar loans in the state at 36%.
Consumer advocates have been pushing for the change. In fact, the Woodstock Institute recently released a report highlighting the economic advantages of the new law. Among them, the creation of jobs and the return of millions of consumer dollars to local economies.
Here’s more on the signing of the bill: