Illinois Statutes
§ 2-7 — Wage assignments
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 815 BUSINESS TRANSACTIONS·Act 815 ILCS 122/ Payday Loan Reform Act.·Art. Article 2 - Payday Loans
Any payday loan that is a transaction in which the lender accepts a wage assignment must meet the requirements of this Act, the requirements of the Illinois Wage Assignment Act, and the requirements of 16 C.F.R. 444.2(a)(3)(i)(2003, no subsequent amendments or editions are included). A violation of this Section constitutes a material violation of the Payday Loan Reform Act.
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Legislative History
(Source: P.A. 94-13, eff. 12-6-05.)
Nearby Sections
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§ 2
Definitions§ 2-10
Permitted fees§ 2-15
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Rollovers prohibited§ 2-35
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Repayment plan§ 2-45
Default§ 2-5
Loan terms§ 2-51
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