Pritzker Signs Law Capping Consumer Loan Rates At 36%

Governor J.B. Pritzker is signing a bill to cap consumer loan rates in Illinois.  The law, modeled after the Military Lending Act, caps interest rates on most consumer loans, including payday and car title loans, at 36-percent.  The state joins 17 others, along with Washington, DC, that cap the rates.  The Woodstock Institute reports Illinois residents pay the fourth highest rate in payday and title loan fees in the country.