815 ILCS 122/2-20
2021 Illinois Compiled Statutes|Chapter 815 - BUSINESS TRANSACTIONS|815 ILCS 122/ - Payday Loan Reform Act.|Article 2 - Payday Loans

Sec. 2-20. Required disclosures.(a) Before a payday loan is made, a lender shall  deliver to the consumer a pamphlet prepared by the Secretary that:(1) explains, in simple English and Spanish, all of     the consumer's rights and responsibilities in a payday loan transaction;(2) includes a toll-free number to the Secretary's     office to handle concerns or provide information about whether a lender is licensed, whether complaints have been filed with the Secretary, and the resolution of those complaints; and(3) provides information regarding the availability     of debt management services.(b) Lenders shall provide consumers with a written agreement that may be kept by the  consumer. The written agreement must include the following information in  English and in the language in which the loan was negotiated:(1) the name and address of the lender making the     payday loan, and the name and title of the individual employee who signs the agreement on behalf of the lender;(2) disclosures required by the federal Truth in     Lending Act;(3) a clear description of the consumer's payment     obligations under the loan;(4) the following statement, in at least 14-point     bold type face: "You cannot be prosecuted in criminal court to collect this loan."   The information required to be disclosed under this subdivision (4) must be conspicuously disclosed in the loan document and shall be located immediately preceding the signature of the consumer; and(5) the following statement, in at least 14-point     bold type face:"WARNING: This loan is not intended to meet long-term     financial needs. This loan should be used only to meet short-term cash needs. The cost of your loan may be higher than loans offered by other lending institutions. This loan is regulated by the Department of Financial and Professional Regulation."(c) The following notices in English and Spanish must be conspicuously posted by a lender in each location of  a business providing payday loans:(1) A notice that informs consumers that the lender     cannot use the criminal process against a consumer to collect any payday loan.(2) The schedule of all  finance charges to be     charged on loans with an example of the amounts that would be charged on a $100 loan payable in 13 days and a $400 loan payable in 30 days, giving the corresponding annual percentage rate.(3) In one-inch bold type, a notice to the public in     the lending area of each business location containing the following statement:"WARNING: This loan is not intended to meet long-term     financial needs. This loan should be used only to meet short-term cash needs. The cost of your loan may be higher than loans offered by other lending institutions. This loan is regulated by the Department of Financial and Professional Regulation."(4) In one-inch bold type, a notice to the public in     the lending area of each business location containing the following statement:"INTEREST-FREE REPAYMENT PLAN:  If you still owe on     one or more payday loans after 35 days, you are entitled to enter into a repayment plan.  The repayment plan will give you at least 55 days to repay your loan in installments with no additional finance charges, interest, fees, or other charges of any kind." (Source: P.A. 101-658, eff. 3-23-21.)