SB3480 establishes the Payday Advance Consumer Protection Act, regulating payday advance services in Illinois.
SB3480, the Payday Advance Consumer Protection Act, mandates that no person can provide payday advance services without a license. The Division of Financial Institutions within the Department of Financial and Professional Regulation administers the Act. It outlines requirements for initial licensure, renewals, revocations, and administrative procedures. The Act also sets consumer protection provisions for payday advance providers, including limits on fees and disclosures. Violations of the Act are considered unlawful practices under the Consumer Fraud and Deceptive Business Practices Act.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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