A new law signed by Illinois Governor Pat Quinn hopes to help protect consumers from unlicensed lenders.
House Bill 3935 will impose a Class 4 Felony on lenders who have not been licensed by the Illinois Department of Financial and Professional Regulation. The law will also protect those who are trapped in the high-interest loan deals from having to pay back the debt. Under the law, any such loan will be considered null and void.
The law will go into effect on January 1.
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