Illinois Statutes
§ 15-1-5 — Purpose and construction
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 815 BUSINESS TRANSACTIONS·Act 815 ILCS 123/ Predatory Loan Prevention Act.
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.
Free access — add to your briefcase to read the full text and ask questions with AI
Illinois § 15-1-5 (Purpose and construction) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: P.A. 101-658, eff. 3-23-21.)
Nearby Sections
15
§ 15-1
Short title§ 15-1-1
Short title§ 15-1-10
Definitions§ 15-1-15
Applicability§ 15-1-5
Purpose and construction§ 15-10
Registration required§ 15-10-10
Preemption of administrative rules§ 15-10-15
Reporting of violations§ 15-10-20
Judicial review§ 15-10-25
No waivers§ 15-10-30
Superiority of Act§ 15-10-35
Severability§ 15-10-5
Enforcement and remedies§ 15-100
Immunity for official acts