Illinois Statutes
§ 2-7 — Wage assignments
Illinois § 2-7
JurisdictionIllinois
TopicBUSINESS AND EMPLOYMENT
Ch. 815BUSINESS TRANSACTIONS
Act 815 ILCS 122/Payday Loan Reform Act.
Art.Article 2 - Payday Loans
This text of Illinois § 2-7 (Wage assignments) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
815 Ill. Comp. Stat. 2-7 (2026).
Text
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
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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Bluebook (online)
Illinois § 2-7, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/815/2-7.