Illinois Payday Loan Lender Sues Against New Law

IL payday loan Illinois is one of many states to provide for stringent measures payday loan companies, one of the lenders in the state, the constitution it is part of a major executive to indicate that no major have sued to stop. On Monday, Ltd. is one of the lenders of payday loans are loans in Illinois, sued in Cook County Circuit Court. Payday loan company will have six locations in the Chicago area and stone installment payday loans to customers. This way, lenders, the provision of the new law argue that hit become critical for business loans. See Also installment payday loan lenders .

Litigation in Illinois payday loan lenders

The new rule prohibits lawsuits in the form of payday loan lenders in Illinois was assigned to the judge that the state of Kyarokuin violates the constitutional protection of due process and equal protection for the company. Consumer groups are concerned about the risk can be placed in the consumer finance industry and compromise was reached after lengthy negotiations they followed three years.

Prohibitions of the law regulating payday lenders IL

The first law is to reduce interest rates may be charged by payday loan lenders in Illinois on the loans . And it already has a loan they include measures for companies that provide financing on a new payday loan consumers have trouble keeping current. Check out also instant payday lender . In addition, the law is if there are no companies that offer payday loans from making loans.

Requirements of the Illinois payday loan lenders

According to the lawsuit that was executed by the lender payday Illinois Corporation loans, the company is done through loans of more than 7,000 loans and payday 700 last year, a new parliament, for the customer Given little choice, the company is forced to choose one or the other. Therefore, the provisions of company law to stop banning payday loan lenders, including his own company in IL from providing loans, the injunction is required.

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