predatory lending

The legislation, sponsored in the Illinois House by Rep. Robert "Bob" Rita, establishes the Buy-Now-Pay-Later Loan Regulation Act, bringing these short-term installment payment plans under state oversight similar to other forms of consumer credit. #loans #senatebill #jbpritzker

“Payday loan lenders disproportionately target low-income communities and communities of color, and they make it extremely difficult, if not impossible, for people to escape the cycle of poverty,” Raoul said.