The PLPA, part of the Black Caucus Agenda that was signed into law this week, established a 36% annual percentage rate (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 calculated.
Advocates Sound Alarm Over Chicago-Based 100% APR Lender Seeking Bank Charter
For Immediate Release: July 30, 2026 Contact: Robert Mayo hello@woodstockinst.org Federal approval would undermine Illinois’s ability…
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