How the Predatory Loan Prevention Act in Illinois benefits communities and increases equity
In January the Illinois Legislature passed the Predatory Loan Prevention Act, S. 1792. This report assesses the PLPA’s economic impact on Illinois’ economy and refutes claims by the legislation’s opponents that the new law will cost the state jobs.
Woodstock projects the law will create 5,673 jobs, a net gain over the jobs critics claim will be lost. The report says that the 36% rate cap the legislation places on payday loans will also save borrowers more than $400 million.
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