For further information contact:
574.243.6040 ext. 239
Recent consumer finance legislation which has passed the Illinois state House and Senate has received national attention from lenders and finance companies. Senate Bill 1792 contains The Predatory Loan Prevention Act which significantly impacts the extension of credit in the state of Illinois. The bill was sent to Governor Pritzker on February 5, 2021 and he has 60 days to sign or veto the legislation. The Predatory Loan Prevention Act would go into effect immediately upon signature or automatically following that 60-day period. Although regulations implementing this law will undoubtedly be released, those have yet to be drafted. These rules will hopefully add more clarity to the components of the bill and how they impact consumer lending operations in Illinois. Carleton has been closely monitoring the progression of SB 1792 and has already begun implementing calculation changes in order to help our clients and partners stay ahead of this compliance challenge.
Replaces existing maximum charge statutory requirements with:
The Military Loan Act defines “interest” for purposes of complying with the rate cap as including:
Carleton has maintained regular communication with industry professionals and trade associations to ensure we are assisting our clients implement these necessary updates. Additionally, Carleton has extensive knowledge and experience with the Military Lending Act and the associated computational requirements. We will be consulting with and implementing updates for our clients on a first come first serve basis. Submit a “Contact Us” request today to review required adjustments to your lending operation.
About Carleton, Inc.:
Carleton is the country's leading provider of financial calculation software, loan origination compliance support, and document generation software. Based in South Bend, Indiana, Carleton possesses over 50 years of leadership in this rapidly-changing regulatory industry. Carleton guarantees accuracy in all their calculations and disclosures enabling their partners to fulfill compliance requirements today and into the future. To learn more about Carleton Lending Solutions, go to www.carletoninc.com or contact Joe McTigue, Client Engagement Executive at 800-433-0090 Ext. 239 or firstname.lastname@example.org.