Illinois anti predatory lending certificate of compliance form 2025

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Predatory lending is any lending practice where the borrower is taken advantage of by the lender. Predatory lenders impose lending terms that are unfair or abusive. This predatory practice is often committed against victims who are elderly or low-income.
Still, most states have so-called usury laws on the books, intended to prevent exorbitant rates. Illinois interest rate laws generally defer to contract law. One exception is a 9 percent limit on judgments, or 6 percent if the debtor is a local government, school district, or community college.
Illinois Anti-Predatory Lending Database Program. (765 ILCS 77/70) .ilapld.com 1-888-ILL-APLD. REQUIRESCERTIFICATE OF EXEMPTION OR. CERTIFICATE OF COMPLIANCE. Basically any brand new loan on real estate.
In 2021 Illinois passed its Predatory Loan Prevention Act (PLPA), which imposes a 36% military APR (MAPR) cap on all loans made by non-bank or credit union or insurance company lenders.
The PLPA imposes a 36% APR limit on loans to residents of Illinois and uses the expansive definition of APR of the Military Lending Act to include various fees and charges that might otherwise be excusable from the APR. Who are the most likely targets of predatory lending?
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All mortgages on residential property are recordable in Cook, Kane, Will and Peoria counties only with a valid certificate of exemption or certificate of compliance, both of which must be generated by the Anti-Predatory Lending Database (APLD).

illinois anti predatory lending requirements