Illinois consumer law trips up payday lender

Federal Courts

By Jay S. Judge

Jay S. Judge, a name partner of Judge, James & Kujawa LLC in Park Ridge, is a defense attorney who specializes in trials, appeals and insurance coverage. Judge graduated with honors from The John Marshall Law School and served as editor-in-chief of the school’s law review.

Posted November 24, 2015 2:50 PM

Today’s column examines a U.S. District Court decision holding that payday loans charging nearly 140 percent in interest violated the Illinois Interest Act and the Illinois Consumer Fraud and Deceptive Business Practices Act.In Jackson v. Payday Financial LLC, 79 F.Supp.3d 779 (N.D. Ill. 2015), plaintiffs Deborah Jackson, Linda Gonnella and James Binkowski each obtained payday loans for $2,525 from Western Sky Financial LLC. The interest rate on Jackson’s and Binkowski’s loans was 139.33 percent and …

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