Pay Day Cash Advance - Documents Hassle Free Loans
Those searching to take out a payday advance in Illinois can run into some trouble this year. Because part of a host of brand new legislation targeted to resolve budget shortfall issues, the Illinois General Assembly passed on a brand new law in an attempt to curb payday lending and fill up a few of the perceived holes in previous cash advance legislation. A brand new bill was also passed to help lessen the troublesome amount of salary theft, which is growing in the government. These new laws and regulations over Illinois cash advances appear to be part of a recent trend, as other states are also passing laws attempting to restrain cash advances.
The brand new payday lending law in Illinois, HB 537, passed through each houses of the legislature unanimously and reins in to lenders in numerous ways. For starters, they will be prevented from charging more than 99% interest. This comes as an improvement, although pay day cash advance interest is often calculated quite deceptively. Also, cash loan amounts will end up being set at earnings level, and matching monthly payment payday loan payments will be required as well. Though these changes are certainly not particularly radical, they definitely will affect both providers and borrowers in various ways.
SB 3568 Aims to Curb Growing Wage Theft
Furthermore to the most recent payday lending legislation, the Illinois General Assembly also enacted a new bill, SB 3568, which will make it less difficult for workers in order to report paycheck theft of $3000 or less. Last year, there has been over 10000 reported cases of paycheck theft, and since this is a major issue that certainly contributes to increased payday lending, the bill is expected to help resolve predatory cycles. It is estimated at this time that employers across the state owe far more than $7 million. In order to avoid this particular number from skyrocketing more, the bill will also make it a felony for an employer to owe $500 or more in back income.
Cash Advance Alternatives in the Wake of Illinois' New Laws
In the wake of Illinois' brand new cash advance legislation, residents in Peoria or Chicago looking to take out a cash loan may find it more difficult, though not impossible, to do so. For those in other states, nevertheless, it would be not surprising to find new payday lending legislation popping up across the country, so if you happen to be in need of a payday advance, you should look into your state's regulations and keep a watchful eye for different developments in state legislation.