GoPay USA.com Review Those trying to sign up for a cash advance payday loan in Illinois may run into some trouble this coming year. As part of a host of new legislation aimed to solve budget shortfall issues, the Illinois General Assembly passed a brand new law in an effort to curb payday lending and complete many of the perceived holes in the past payday lending legislation. A new bill have also been passed to assist lessen the troublesome volume of wage theft, which is increasing within the state. These new regulations over Illinois pay day loans appear to be a part of a recent trend, as other states are also passing laws attempting to restrain cash advance loans.
The new payday lending law in Illinois, HB 537, passed through both houses from the legislature unanimously and reins in lenders in numerous ways. For starters, they will be prevented from charging more than 99 percent interest. This is seen as an improvement, although payday cash advance interest is often calculated rather deceptively. Also, loan amounts will be set at income level, and equal monthly installment loan instalments will likely be required too. Though these changes aren't particularly radical, they're going to certainly affect both lenders and borrowers in a number of ways.
SB 3568 Seeks to Curb Rising Wage Theft
In addition on the new payday lending legislation, the Illinois General Assembly also passed a new bill, SB 3568, which will make it easier for workers to report wage theft of $3,000 or less. Last year, there was over 10,000 reported cases of wage theft, as well as this is the serious problem that definitely plays a part in increased payday lending, the check is predicted to help solve predatory cycles. It is estimated right now that employers over the state owe more than $7 million. To prevent this number from skyrocketing even more, the balance will likely convert it into a felony to have an employer to owe $500 or maybe more in back wages.
Payday Loan Options in the Wake of Illinois' New Laws
In the wake of Illinois' new payday lending legislation, residents in Chicago or Peoria seeking to get a cash payday loan might find it harder, though not impossible, to do so. For those in other states, however, it would not be surprising to get new payday lending legislation being created across the nation, if you are being looking for a quick payday loan, you ought to explore your own state's regulations and appearance out for brand spanking new developments in state legislation.