The PLPA established a 36% APR cap on consumer loans in Illinois. Two bills recently filed in Springfield, SB 2306 and HB 3192 would throw a loophole into the Predatory Loan Prevention Act (PLPA) by redefining how APR is...
Governor Pritzker signed the Illinois Community Reinvestment Act into law, making Illinois the second state with oversight to ensure equitable investment
The Predatory Loan Prevention Act (SB1792 - PLPA), signed into law by Governor Pritzker today, marks a significant milestone for economic equity in Illinois and potentially sets the stage for other states to follow. Years in the making, advocates—including...
A new Woodstock Institute report assesses the PLPA’s impact on Illinois’ economy and refutes claims by the legislation’s opponents that the new law will cost the state jobs.
How the Predatory Loan Prevention Act in Illinois benefits communities and increases equity.
Roughly 41,000 Illinois households with incomes low enough to qualify for the federal Earned Income Tax Credit will not have unpaid traffic fines, unpaid parking tickets and outstanding court judgments withheld from their 2020 state income tax refunds.
CEO Horacio Mendez's letter in response to column by Charles Lipson on equity ran March 11
“This Legislation Could End Illinois’ Payday Loan Industry” on WTTW Chicago Tonight & more recent coverage of Illinois’ proposed 26% cap
It’s not a question of if we’re becoming a cashless society, Mendez said. “We’re already there … We really need to make sure that we’re keeping an eye on those unintended consequences, because they’re always there.”
… Horacio Mendez, president and CEO of the Woodstock Institute, a nonprofit policy group that advocates for fair lending and economic equality, said that, in the past, many bureau investigations ended in settlements that he and other advocates believed...