Opponents of predatory lending won a victory Monday night with the Bloomington city council’s 6-3 decision to recommend action on the issue to the Illinois state legislature.
Illinois People’s Action and its supporters fought for a 36% cap on interest rates within city limits, targeting the 400% interest of payday lenders, but the city failed to support that proposal. The resolution passed Monday was seen by the majority on the council as “a step in the right direction,” that if taken up by other Illinois cities, could put pressure on state legislators to take action against predatory lending.
Only Judy Stearns, David Sage, and Steven Purcell voted against the resolution. Judy Stearns spoke at length in support of payday lenders and the current law that regulates them.
Many people from the local group Occupy BloNo were present to show their support for action against predatory lending, including a 36% cap on interest rates.