Illinois Compiled Statutes 815 Business Transactions: Article 2 - Payday Loans

• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-5
  Loan terms. (a) Without affecting the right of a consumer to prepay at any time without cost or penalty, no payday loan may have a...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-7
  Wage assignments. Any payday loan that is a transaction in which the lender accepts a wage assignment must meet the requirements of this Act, the...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-10
  Permitted fees. (a) If there are insufficient funds to pay a check, Automatic Clearing House (ACH) debit, or any other item described in the definition...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-15
  Verification. (a) Before entering into a loan agreement with a consumer, a lender must use a commercially reasonable method of verification to verify that the...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-17
  Consumer reporting services qualification and bonding. (a) Each consumer reporting service shall have at all times a net worth of not less than $1,000,000 calculated...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-20
  Required disclosures. (a) Before a payday loan is made, a lender shall deliver to the consumer a pamphlet prepared by the Secretary that: (1) explains,...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-25
  Right to cancel future payment obligations. A consumer may cancel future payment obligations on a payday loan, without cost or finance charges, no later than...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-30
  Rollovers prohibited. Rollover of a payday loan by any lender is prohibited, except as provided in subsection (c) of Section 2-5. This Section does not...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-35
  Proceeds and payments. (a) A lender may issue the proceeds of a loan in the form of a check drawn on the lender's bank account,...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-40
  Repayment plan. (a) At the time a payday loan is made, the lender must provide the consumer with a separate written notice signed by the...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-45
  Default. (a) No legal proceeding of any kind, including, but not limited to, a lawsuit or arbitration, may be filed or initiated against a consumer...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-50
  Practices concerning members of the military. (a) A lender may not garnish the wages or salaries of a consumer who is a member of the...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-51
  Violation of Federal law constitutes a violation of this Act with respect to practices concerning members of the military and their dependents. Notwithstanding any other...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-55
  Information, reporting, and examination. (a) A licensee shall keep and use books, accounts, and records that will enable the Secretary to determine if the licensee...
• Illinois Payday Loan Reform Act. - 815 ILCS 122, Section 2-60
  Advertising. (a) Advertising for loans transacted under this Act may not be false, misleading, or deceptive. Payday loan advertising, if it states a rate or...

Last modified: February 18, 2015