The Pawn industry is under assault by the Woodstock Institute and Big Banks to be included in the Predatory Loan Prevention Act (PLPA). This will destroy and eliminate the industry, an industry that provides short term cash to over 300,000 Illinois citizens that do not have bank accounts or credit and have no other means to be able to get short term cash.

In SB 4241 and HB 5840, Senator Jackie Collins and Representative Sonya Harper are aiming to cap the fees and interest for pawns. What is not said by the Woodstock Institute and Senator Collins and Representative Harper is that BIG BANKS ARE EXEMPT FROM THE PLPA – Allowing those big banks to charge any fees they choose to consumers.

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