Most Active Stories
- First Student To Graduate In May From College To Career Experience Program
- Kentucky Film Tax Incentive Program Draws Production Company to Murray
- Against Residents’ Wishes 250-Year-Old Burr Oak Tree Cut Down On Lake Barkley Bridge Easement
- GOP Gubernatorial Candidates Attack Jack Conway For Not Defending Gay Marriage Ban
- Congressman Whitfield Calls House Ethics Allegations "Absurd"
Tue August 21, 2012
Illinois Governor Signs Payday Lender Law
Illinois Gov. Pat Quinn has signed a new law he says will protect consumers from payday lenders. Quinn signed the law Monday. It requires lenders be licensed by the state Department of Financial and Professional Regulation or be charged with a felony. Right now the agency has licensed 522 payday lenders. The new law also protects consumers who are trapped in high-interest loans from having to pay back the debts, allowing such loans to be declared null and void. Quinn says the legislation protects consumers from what he calls unscrupulous, unlicensed lenders. The measure takes effect January 1.