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Strong protections for military personnel has earned the support of the Navy-Marine Corp Relief Society Great Lakes for the Monsignor Egan Payday Loan Reform Act (HB 1100).
According to a study by the National Consumer Law Center, military personnel are attractive prey to unscrupulous lenders. HB 1100 incorporates “best practices” of the Community Financial Services Association which include: banning garnishment of military pay, deferring collection action for military personnel deployed to combat zones, prohibiting the contacting of commanding officers to collect debts, and a requirement to honor any repayment plan negotiated with the consumer or through military counselors or other third party credit counselors.
In addition to these current CFSA best practices, HB 1100 prohibits any payday loan facility from locating within one mile of any State of Illinois or United States military base or installation.
posted by Rich Miller
Monday, Apr 11, 05 @ 3:16 am
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