PLPA news conference-Rep Harper at the podium

Lawmakers celebrated the one-year anniversary of the passage of the Predatory Loan Prevention Act (PLPA) on Wednesday. 

The PLPA sets a legal maximum interest rate for consumer loans at 36%. The bill, which was part of the Legislative Black Caucus’ Economic Equity agenda, passed both chambers in January 2021. Governor Pritzker signed the Act into law on March 23, 2021.

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