State Sen. Jacqui Collins

A pawnbroker in south suburban Alsip in 2012.

Close pawnbroker loophole in Illinois law on predatory lending

After the 36% rate cap took effect last year, pawnbrokers received an injunction in Sangamon County Court allowing them to continue “business as usual,” which, for them, means charging 240% APR or more.

By State Sen. Jacqui Collins