• RSS News – Lou Lang

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    • Lou Lang leaves Democratic leadership position amid harassment allegations - WGN-TV May 31, 2018
      WGN-TVLou Lang leaves Democratic leadership position amid harassment allegationsWGN-TVSPRINGFIELD, Ill. — State Rep. Lou Lang (D-Skokie) on Thursday resigned his post as deputy majority leader of the Illinois House amid allegations of harassment and retaliation. Maryann Loncar, an activist who pushed for medical marijuana legislation ...Lou Lang Steps Down f […]
    • Inspector general will decide latest Springfield allegation - Chicago Sun-Times June 4, 2018
      Chicago Sun-TimesInspector general will decide latest Springfield allegationChicago Sun-TimesPointing out the holes in Maryann Loncar's allegations against Rep. Lou Lang, D-Skokie, is like shooting fish in a barrel. But it doesn't necessarily mean that absolutely everything she said was untrue. Loncar, a longtime medical marijuana activist ...and m […]
    • Deputy Majority Leader of the IL House Lou Lang: “I don't expect the Governor to sign the budget” - WGN Radio May 27, 2018
      WGN RadioDeputy Majority Leader of the IL House Lou Lang: “I don't expect the Governor to sign the budget”WGN RadioRick Pearson speaks with Deputy Majority Leader of the IL House, Democratic State Rep. Lou Lang. Lou touches on the lack of Governor Bruce Rauner's involvement with creating the state budget; the continuous progress among legislatures […]
    • State Rep Lou Lang accused of harassment - WLS May 31, 2018
      WLSState Rep Lou Lang accused of harassmentWLS(CHICAGO) Powerful State Representative Lou Lang of Skokie, who shepherded the Equal Rights Amendment thru the Illinois House Wednesday night, is now the latest Springfield politician to be accused of harassment. Activist Maryann Loncar is accusing ...
    • Ex-inspector to review Illinois House amid harassment claims - The Southern June 18, 2018
      The SouthernEx-inspector to review Illinois House amid harassment claimsThe SouthernLou Lang stepped down as deputy majority leader and House Clerk Timothy Mapes resigned. The 53-year-old Hickey's contract with the House pays $500 per hour. Hickey was inspector general over the governor's office for two and a half years before joining ...and more » […]
    • Counting the holes in allegations against Rep. Lou Lang - Benton Evening News June 7, 2018
      Counting the holes in allegations against Rep. Lou LangBenton Evening NewsPointing out the holes in Maryann Loncar's allegations against Rep. Lou Lang (D-Skokie) is like shooting fish in a barrel. But it doesn't necessarily mean that absolutely everything she said is untrue. Loncar, a longtime medical marijuana activist ...
    • Speaker seeks officer to combat sexual harassment - Fresno Bee June 13, 2018
      Speaker seeks officer to combat sexual harassmentFresno Bee... inappropriate remarks to women and a dismissive attitude toward complaints of sexual harassment. Mapes resigned less than a week after Rep. Lou Lang of Skokie resigned as deputy majority leader after a complaint of sexual harassment and ...and more »
    • Illinois lawmaker quits leadership job amid harassment claim - Washington Times June 1, 2018
      Washington TimesIllinois lawmaker quits leadership job amid harassment claimWashington TimesSPRINGFIELD, Ill. — The No. 3 Democrat in the Illinois House stepped down from his leadership post Thursday less than an hour after a legislative activist accused him of verbal abuse and sexual harassment. Deputy Majority Leader Lou Lang of Skokie ...House Deputy Majo […]
    • Ousted Madigan aide strikes out at accuser | State Politics | ilnews.org - Illinois News Network June 18, 2018
      Illinois News NetworkOusted Madigan aide strikes out at accuser | State Politics | ilnews.orgIllinois News NetworkA former aide to House Speaker Michael Madigan shot back at the woman who accused him of sexual harassment earlier this year while downplaying her ...and more »
  • RSS Blogs – Lou Lang

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Governor Pat Quinn Approves Rep. Lou Lang’s Bill to End Predator 1,000% Interest Pay Day Loans in Illinois

Governor Pat Quinn

(Chicago, IL) – Governor Pat Quinn yesterday signed legislation into law that eliminates 1,000% interest “pay day loans” in Illinois.

Quinn signed a bill into law that will increase protections for Illinois residents obtaining consumer installment loans and cap interest rates charged by consumer finance companies.

“Many consumers who take out short-term loans are doing so as a last resort to pay their bills and provide for their families.” said Quinn. “It is important that we do everything we can to protect these consumers who are already hurting, by helping to make these loans more affordable.”

The legislation, House Bill 537, sponsored by House Deputy Majority Leader Lou Lang (D-Skokie) protects consumers by setting “reasonable” interest rates for loans.

Payday loan predators have peddled consumer installment loans in Illinois with interest rates that have averaged 341% and have reached 1,000%. Under the new law, rates on consumer installment loans will be capped at 99% for loans $4,000 and less and 36% for loans greater than $4,000.

“The days of legal loan-sharking are gone,” said Lang. “This new law will end the financial serfdom imposed on struggling, working families by payday loan companies.”

During February 2006 through December 2008 204,205 payday loan consumers took out 1,194,582 payday loans, or an average of 5.9 loans per consumer, according to March 2009 report by the Illinois Department of Financial and Professional Regulation.

Attorney General Lisa Madigan, said, “House Bill 537 reigns in abusive and predatory lending practices and protects consumers. I want to thank … Representative Lang, the Governor’s Office and consumer advocates for their hard work on this important consumer protection legislation.”

The new law also includes provisions to help borrowers repay loans more easily:

  • Lending is based upon the borrower’s ability to repay the loan.
  • Monthly payments on consumer installment loans are limited to 22.5 percent of the borrower’s gross monthly income.
  • In order to give borrowers enough time to repay the loan, the new minimum loan term will be set at six months – an increase from the previous four month term.
  • The law also eliminates balloon payments and prevents lenders from penalizing borrowers for paying off loans early.

“We look forward to working with licensed lenders and their customers to make sure this law is strictly enforced,” said Secretary of Financial and Professional Regulation Brent Adams.

The law also expands the existing statewide database that tracks payday loans to also track consumer installment loans, which will enable the state to ensure that lenders are complying with the new law.

The law takes effect within nine months of Quinn’s signature.

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