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CCI takes aim at predatory car title lending rates

CCI takes aim at predatory car title lending rates

Apr 2, 2019

The Catholic Conference of Illinois is urging support of House Bill 2468, which cracks down on exorbitant interest rates for car title loans. The legislation calls for interest rates on loans taken out against the title of a motor vehicle to be capped at 36%. As one of 20 states that currently allow such loans, Illinois does not regulate interest rates, which can often reach 300%.