The industry reacted by producing a unique item: a loan that is 31-day. “That permitted them to have across the guidelines,” DeLaforgue states.
So that the coalition started pressing for brand new legislation. In 2005 then-governor Rod Blagojevich finalized the pay day loan Reform Act, that was supported by both the Community Financial Services Association—a nationwide trade group for payday lenders—and the Egan coalition. It codified a few of the guidelines that were subverted, needing more hours between…