Stating that customers deserve heightened defense against predatory lenders, state Rep. Joan Krupa has proposed legislation that will impose stricter guidelines on Illinois’ pay day loan industry.
Stating that customers deserve heightened security from predatory lenders, state Rep. Joan Krupa has proposed legislation that will impose stricter guidelines on Illinois’ pay day loan industry.
It’s the Peoria Republican’s first bill — and probably her just one.
Krupa, who had been sworn in Jan. 5 to accomplish Aaron Schock’s term, will act as the 92nd home District’s agent until noon Wednesday. That’s when Democrat Jehan Gordon, whom overcome Krupa into the Nov. 4 general election, takes the oath of office.
Krupa stated Monday she realizes her legislation, home Bill 6734, can’t get really far before her departure through the home. But she hopes the lawmakers into the version that is new of General Assembly, which starts its two-year period on Wednesday, will tackle the matter.
Her proposition headed towards the home Rules Committee, the stop that is first all bills introduced inside your home. To be law, it might need certainly to pass the complete home and Senate and get finalized by the governor. But when the present General Assembly concludes, all pending bills will undoubtedly be dead, and any legislation must begin from scratch through the brand new General Assembly.
While campaigning year that is last Krupa discovered that predatory loans had been a topic “of great interest.”
“One of my claims had been that when we ever surely got to Springfield, I would personally make that a concern that could ideally acquire some notice,” she said. “I think it is shameful that we now have some businesses that actually do victim in the many susceptible residents and make use of, possibly, their failure to comprehend the print that is fine their inability to settle the mortgage.”
“I’m maybe maybe maybe not against all cash advance companies,” Krupa added. “I genuinely believe that several of our residents have need, specially now, of short-term loans. But I’m speaing frankly about unjust prices and methods that trap individuals so they can’t get free from it.”
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