Published 1 year ago

Bills target pawnbrokers for tighter rate limits

Summary by Ground News

Illinois Legislative Black Caucus pushing legislation to put pawnbrokers under same interest rate caps as payday lenders. Pawnshop industry says proposed caps would effectively put them out of business. Law was aimed at reining in the high-interest, short-term loan industry. Law did not specifically mention pawnbroker interest rates and fees.

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The News-Gazette

Bills target pawnbrokers for tighter rate limits

A loophole allows pawnbrokers to charge interest rates and fees that can amount to effective rates as high as 240 percent per year — or more when factoring in associated fees — according to a consumer advocacy group.

1 year ago

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Commercial News

Bills target pawnbrokers for tighter rate limits

SPRINGFIELD – Members of the Illinois Legislative Black Caucus are pushing legislation to put pawnbrokers under the same interest rate caps as payday lenders and other small-dollar, short-term lenders, but the pawn shop industry says the proposed caps would effectively…

1 year ago

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pantagraph.com

Illinois bills target pawnbrokers for tighter rate limits

Some legislators accused the pawn industry of exploiting a “loophole” in the Predatory Lending Prevention Act that was aimed at reining in the high-interest, short-term loan industry.

1 year ago·Cherokee County, United States

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Whig UK

Bills target pawnbrokers for tighter rate limits

Members of the Illinois Legislative Black Caucus are pushing legislation to put pawnbrokers under the same interest rate caps as payday lenders and other small-dollar, short-term lenders, but the pawn shop industry says the proposed caps would effectively put them…

1 year ago

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WQAD.com

Illinois bills target pawnbrokers for tighter rate limits

The Legislative Black Caucus calls the businesses ‘predatory’ lenders, citing loopholes in the Predatory Lending Prevention Act. Pawn shops are pushing back.

1 year ago

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Shaw Local

Bills target pawnbrokers for tighter rate limits

Members of the Illinois Legislative Black Caucus are pushing legislation to put pawnbrokers under the same interest rate caps as payday lenders, but the pawn shop industry says the proposed caps would effectively put them out of business.

1 year ago

Read Full Article

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