Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1075 - SAVINGS BANK ACT
Subpart R - PAYDAY LOANS
Section 1075.5010 - Definitions
"Payday Loan" or "loan" means a loan with a finance charge exceeding an annual percentage rate of 36% and with a term that does not exceed 120 days, including any transaction conducted via any medium whatsoever, including, but not limited to, paper, facsimile, Internet, or telephone, in which:
A lender accepts one or more checks dated on the date written and agrees to hold them for a period of days before deposit or presentment, or accepts one or more checks dated subsequent to the date written and agrees to hold them for deposit; or
A lender accepts one or more authorizations to debit a consumer's account; or
A lender accepts an interest in a consumer's wages, including, but not limited to, a wage assignment.
"PLRA" means the Payday Loan Reform Act [815 ILCS 122 ]. Savings Banks are expressly exempt from the provisions of the PLRA.
"Savings Bank" means a savings bank chartered under the Savings Bank Act [205 ILCS 205/1001 ].
Added at 30 Ill. Reg. 19068, effective December 1, 2006