SB 1792 and the Illinois Predatory Loan Prevention Act: A Look at Key Issues
Unless vetoed by Governor Pritzker, SB 1792 will soon become law and overhaul the state’s consumer finance laws. After discussing the lenders and loans covered by the 36% APR cap, the types of charges included in the cap, and the penalties for violations, we look at what SB 1792 means for loans made via a bank partnership model, including when an agent or service provider would be considered the lender and the interaction with federal law.