On February 16, 2023, the Illinois House introduced a bill titled the Small Business Truth in Lending Act. This proposed legislation, similar to statutes that have been enacted in other.
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The PLPA extended the 36% “all-in” Military Annual Percentage Rate finance charge cap of the federal Military Lending Act to “any person or entity that offers or makes a loan to a consumer in Illinois” unless made by a statutorily exempt entity. (The bill containing the PLPA also amended the Illinois Consumer Installment Loan Act (CILA) and the Payday Loan Reform Act (PLRA) to apply this same 36% MAPR cap.)
FAQs. The FAQs expressly state that the PLPA does not impact contracts lawfully entered into before March 23, 2021. Such contracts continue to be effective and the lender can continue to service it. In addition to confirming the PLPA’s March 23 effective date, the FAQs address the following topics: