Illinois § 15-1-5 Purpose and construction

Illinois Statutes

§ 15-1-5 — Purpose and construction

Illinois § 15-1-5

TopicBUSINESS AND EMPLOYMENT

Ch. 815BUSINESS TRANSACTIONS

Act 815 ILCS 123/Predatory Loan Prevention Act.

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Bluebook

815 Ill. Comp. Stat. 15-1-5 (2026).

Text

Illinois families pay over $500,000,000 per year in consumer installment, payday, and title loan fees. As reported by the Department in 2020, nearly half of Illinois payday loan borrowers earn less than $30,000 per year, and the average annual percentage rate of a payday loan is 297%. The purpose of this Act is to protect consumers from predatory loans consistent with federal law and the Military Lending Act which protects active duty members of the military. This Act shall be construed as a consumer protection law for all purposes. This Act shall be liberally construed to effectuate its purpose.

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Illinois families pay over $500,000,000 per year in consumer installment, payday, and title loan fees. As reported by the Department in 2020, nearly half of Illinois payday loan borrowers earn less than $30,000 per year, and the average annual percentage rate of a payday loan is 297%. The purpose of this Act is to protect consumers from predatory loans consistent with federal law and the Military Lending Act which protects active duty members of the military. This Act shall be construed as a consumer protection law for all purposes. This Act shall be liberally construed to effectuate its purpose.