House Bill 3935—state Rep. Greg Harris’ measure aimed at cracking down on non-licensed illegal payday lenders—passed out of the Illinois House Feb. 22, according to a press release. It now moves to the Senate for further consideration.
“At a time when many families and individuals are just trying to keep the lights on and put food on the table, we find many fraudulent companies doing whatever is necessary to take advantage of them,” Harris said. “This legislation will provide protections for Illinois residents against the illegal and abusive lenders who operate outside of the law.”
Harris introduced the legislation after it was learned of unscrupulous loans offered to individuals over the Internet through foreign corporations, draining citizen’s bank accounts with no legal recourse.
House Bill 3935 now moves on the Senate before it can be sent to the governor to be signed into law. For more information, call 773-348-3434 or e-mail greg@gregharris.org.