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Illinois has joined the growing number of states that have restricted expensive payday loans, but it went another route: the statehouse. Illinois Governor JB Pritzker (D) signed law on March 23 that limits the interest rates on payday loans, auto title loans, and installment loans to 36%. Similar efforts in other states, most recently in …

Illinois Governor JB Pritzker signed a bill Tuesday that capped interest rates on consumer loans, including payday and auto title loans, to 36%. The Illinois General Assembly passed the law the Prevention of Robbery Loans, in January, but the law is awaiting the governor’s signature to enact it. The newly signed law was introduced by …