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Op-ed Placement

Predatory Loan Prevention Act Will Undermine Credit Access for Countless Illinoisans

BY Carol Davis

Around the country, legislation is currently being considered that would cap interest rates on loans and undermine access to credit for countless Americans. While this policy sounds attractive on paper, it has been a failure when put into practice. None of these bills are quite as destructive as the Illinois Predatory Loan Prevention Act (PLPA). But unfortunately for Illinois, Governor J.B. Pritzker has gone against the best interest of his residents and signed the PLPA into law.