One Year Later: A Virtual Briefing on the Predatory Loan Prevention Act

On March 23rd, 2021 the Predatory Loan Prevention Act (PLPA) was signed into law by Governor Pritzker after years of work from advocates, nonprofits, community leaders, civil rights leaders, lenders, and legislators, including leadership from the Black Legislative Caucus. The PLPA establishes a 36% APR cap on most consumer loans, including payday, installment, and auto title loans implementing a crucial form of protection for Illinois communities where predatory lenders have been able to charge exorbitant interest rates for far too long. One year later, we celebrate the passage of the PLPA by providing an overview of the law, acknowledge the billions of dollars that have been stripped from Black and Latinx communities, track the ongoing opposition to the legislation and look at alternatives to predatory lending moving forward.

A special thank you to those that participated in the making of these videos: Former Illinois Senator Jacqueline "Jacqui" Collins, Brent Adams with Woodstock Institute, Ianna Kachoris with The Chicago Community Trust, as well as Meegan Dugan Adell, Vanessa Rangel and the EPEC team at New America.