The industry reacted by producing a unique item: a 31-day loan. “That permitted them to have across the guidelines,” DeLaforgue states.

The industry reacted by producing a unique item: a 31-day loan. "That permitted them to have across the guidelines," DeLaforgue states. Therefore the coalition began pressing for brand new legislation. In 2005 then-governor Rod Blagojevich finalized the cash advance Reform Act, that has been supported by both the Community Financial Services Association—a nationwide trade group for payday lenders—and the Egan…

Read More