Krupa sponsors first – and a lot of likely last – bit of legislation

Krupa sponsors first – and a lot of likely last – bit of legislation

Tuesday

Stating that customers deserve heightened defense against predatory loan providers, state Rep. Joan Krupa has proposed legislation that will impose stricter guidelines on Illinois’ pay day loan industry.

Stating that customers deserve heightened defense against predatory loan providers, state Rep. Joan Krupa has proposed legislation that will impose stricter guidelines on Illinois’ pay day loan industry.

It’s the Peoria Republican’s bill that is first and probably her just one.

Wednesday Krupa, who was sworn in Jan. 5 to complete Aaron Schock’s term, will serve as the 92nd House District’s representative until noon. That’s when Democrat Jehan Gordon, who beat Krupa when you look at the Nov. 4 election that is general takes the oath of office.

Krupa stated she realizes her legislation, House Bill 6734, can’t get very far before her departure from the House monday. But she hopes the lawmakers into the new type of the General Assembly, which begins its two-year period on Wednesday, will tackle the matter.

Her proposition headed into the home Rules Committee, the stop that is first all bills introduced inside your home. To be legislation, it might need certainly to pass the House that is full and and get finalized because of the governor. But after the present General Assembly concludes, all pending bills is supposed to be dead, and any legislation must begin with scratch throughout the General that is new Assembly.

While campaigning year that is last Krupa unearthed that predatory loans had been a topic “of great interest.”

“One of my promises had been that when we ever reached Springfield, i’d make that a problem that could ideally get some good notice,” she stated. “I think it is shameful there are some organizations that actually do victim from the many susceptible residents and make the most of, maybe, their incapacity to know the print that is fine their inability to settle the mortgage.”

“I’m not against all loan that is payday,” Krupa added. “I believe that a number 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 it. which they can’t move out of”

Krupa’s legislation, which may amend the state’s Payday Loan Reform Act, includes conditions to:

_ Cap the percentage that is annual at 36 percent for small customer loans.

_ Cap or be rid of several costs that loan providers are allowed to charge.

_ Confirm a borrower’s capacity to repay that loan.

Steve Brubaker, executive director for the Illinois Small Loan Association, criticized Krupa’s proposal, saying it might undercut the payday that is existing Reform Act.

“She’s making the law ineffective. You’ll find no body making loans that are payday a 36 APR limit,” he said.

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