Illinois Attorney General Lisa Madigan today filed five lawsuits in a sweep cracking down on unlicensed, online payday lenders and that loan lead generator promoted by talk show host Montel Williams for illegally providing costly, predatory loans that trap Illinois borrowers in exorbitant, cyclical financial obligation lots.
Madigan filed legal actions this week in Cook County Circuit Court with respect to the Illinois Department of Financial and Professional Regulation (IDFPR) against four out-of-state payday lenders that are running solely online, selling payday advances racked with costs which are twice as much quantity allowed under state legislation. The legal actions allege BD PDL Services LLC https://getbadcreditloan.com/payday-loans-ia/, Mountain Top Services we LLC, Red Leaf Ventures LLC and VIP PDL solutions LLC charged Illinois borrowers $30 for almost any $100 loaned and permitted borrowers to obtain loans that are multiple when.
The cash advance Reform Act limits the fees a consumer can be charged by a payday lender to a maximum of $15.50 per $100 loaned.
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