Illinois Statutes
§ 2-30 — Rollovers prohibited
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 815 BUSINESS TRANSACTIONS·Act 815 ILCS 122/ Payday Loan Reform Act.·Art. Article 2 - Payday Loans
Rollover of a payday loan by any lender is prohibited. This Section does not prohibit entering into a repayment plan, as provided under Section 2-40.
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Legislative History
(Source: P.A. 101-658, eff. 3-23-21.)
Nearby Sections
15
§ 2
Definitions§ 2-10
Permitted fees§ 2-15
Verification§ 2-20
Required disclosures§ 2-30
Rollovers prohibited§ 2-35
Proceeds and payments§ 2-40
Repayment plan§ 2-45
Default§ 2-5
Loan terms§ 2-51
§ 2-51§ 2-60
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