Most title lenders in Illinois give loans of atleast 61 days or greater. The new rule would will not except these lenders from refinance limitations and instigate a cool off period. I have no idea how they’re going to enforce this. How does a lender know if someone else gave a person a loan less than 15 days ago?
Regardless, these rules have to get through committee. This Blog does a very good job of explaining the process.
The Chicago Tribune also published the story, “Limits on title loans called a ‘Good Start’“
