Illinois Statutes
§ 2-50 — Practices concerning members of the military
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 815 BUSINESS TRANSACTIONS·Act 815 ILCS 122/ Payday Loan Reform Act.·Art. Article 2 - Payday Loans
(a)A lender may not garnish the wages or salaries of a consumer who is a member of the military.
(b)In addition to any rights and obligations provided under the federal Servicemembers Civil Relief Act, a lender shall suspend and defer collection activity against a consumer who is a member of the military and who has been deployed to a combat or combat support posting for the duration of the deployment.
(c)A lender may not knowingly contact the military chain of command of a consumer who is a member of the military in an effort to collect on a payday loan.
(d)Lenders must honor the terms of any repayment plan that they have entered into with any consumer, including a repayment agreement negotiated through military counselors or third-party credit counselors.
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Illinois § 2-50 (Practices concerning members of the military) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: P.A. 94-13, eff. 12-6-05.)
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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