Legislative Black Caucus bills target Illinois pawnbrokers for tighter rate limits | Politics
Written by Black Hot Fire Network on January 6, 2023
SPRINGFIELD — Members of the Illinois Legislative Black Caucus are pushing legislation to put pawnbrokers under the same interest rate caps as payday lenders and other small-dollar, short-term lenders, but the pawn shop industry says the proposed caps would effectively put them out of business.
On the first day of a brief “lame duck” session Wednesday, state Sen. Jacqueline Collins (16th) and Rep. Sonya Harper (6th), both South Side Democrats, joined other advocates in accusing the pawn industry of exploiting a “loophole” in a 2021 law known as the 
