Category Archives: Requirements For Payday Loan

Payday loan provider sues to block Illinois that is new legislation

Payday loan provider sues to block Illinois that is new legislation

(Crain’s) — With last year’s landmark pay day loan reform law set to just just simply take impact Monday, a loan provider has sued to cease enforcement of a part that is key of measure, claiming it is unconstitutional.

Illinois Lending Corp., that has six Chicago-area areas making payday and installment loans to customers, claims in its lawsuit, filed Monday in Cook County Circuit Court, that its company is going to be irreparably harmed because of the legislation’s provision barring businesses that provide pay day loans — short-term short term loans targeted at enabling strapped customers to pay for bills due before their next paycheck — from making installment loans, somewhat longer-term borrowings.

The lawsuit, that was assigned to Cook County Circuit Court Judge Carolyn Quinn, claims the prohibition violates the business’s constitutional defenses of due procedure and equal security.

The filing regarding the suit corresponds having a hearing planned the next day ahead of the Illinois home Executive Committee for a bill authored by committee Chairman Daniel Burke, D-Chicago, to eliminate the club on businesses keeping double licenses.

Consumer advocates come to mind the lawsuit while the action that is legislative at danger the compromise they reached this past year with a lot of the buyer finance industry after 36 months of negotiations. Continue reading »