Cash Advance Loan Illinois

Payday loans offer short-term credit at high rates. When you borrow with a payday loan, you pay a percentage of the dollar amount borrowed or a set fee per dollar amount borrowed. Lenders often charge between $15 to $50 for every $90 borrowed. If you decide to extend your loan through another pay period, you must pay the entire fee again. By doing this, you could easily end up using most or all of the money you borrowed to pay these costly fees. ... [Read More]

FTC, Illinois Attorney General Announce Mortgage Broker Settlement
In July 2002, the FTC and the Illinois Attorney General’s office filed a complaint against Mark Diamond and OSI Financial Services, Inc. alleging that the defendants engaged in numerous deceptive practices to induce consumers to take out mortgage loans. A significant number of these loans were 15-year balloon loans, or loans for which the final payment is substantially larger than the other monthly payments. The FTC/Illinois complaint alleged that the defendants, in many instances, misrepresented various loan terms, including the balloon payment, interest rate, prepayment penalty, and monthly payment amount. ... [Read More]

Illinois Attorney General - Immigrant Fraud
More information on this advance fee loan scam is available through the Department of Justice at: ...

Consumers also should be aware that there has been an upsurge in advance fee solicitation scams in northern Illinois originating from Kazakhstan and other former Soviet Republics. Additionally, consumers should be on the watch for similar advance fee solicitations from scammers pretending to be soldiers in Afghanistan. ...

Online auctions and bogus cashier’s checks are also increasingly being used by scam artists to defraud consumers. In these schemes, the buyer responds to an Internet auction by sending a counterfeit cashier’s check for more than the asking price. The seller then informs the buyer of the overpayment and returns the difference to the buyer. ... [Read More]

Office of the Illinois Attorney General - Press Release - RAL Confusion
RALs, also known as “instant tax refund loans,” are loans consumers can obtain based upon their expected tax return. The RALs are arranged by tax preparers and accompanied by extremely high costs and fees, which can include loan fees, electronic filing fees, document preparation fees and tax preparation fees. These fees are deducted from the consumers’ tax refunds before the checks are even issued. ...

Madigan and Schoenberg said SB 1958 would cap annual interest rates for RALs at 36 percent and require tax preparers who arrange loans to display signs and provide disclosure forms to alert consumers to the current fees for tax preparation and RALs, and the interest rates affiliated with those loans. The bill would prohibit debt collection abuses. It also would prevent referrals to check cashers that in turn take another cut out of the consumers’ income tax return checks. ... [Read More]

PART 130REGULATIONS UNDER ILLINOIS SECURITIES LAW OF 1953 : Sections Listing
Section 130.844 Statement of Financial Condition to Be Filed By a Registered Investment Adviser Which Retains Custody of Client's Cash or Securities or Accepts Pre-Payment of Fees in Excess of $500.00 Per Client and Six (6) or More Months in Advance and Interim Financial Statements ... [Read More]

Stewart - COMPLAINT
51. In truth and in fact, in numerous instances, defendants do not provide new loans to existing borrowers in the amount of the “cash available” solicitations. Instead, the defendants provide renewal loans to existing borrowers who respond to defendants’ “cash available” solicitations. These renewal loans pay off the balance on the borrower’s existing loan and advance cash to the borrower in the amount of the “cash available” solicitation. However, the renewal loans are more expensive than a new loan in the amount of the “cash available” offer would be, a fact that the defendants, in many instances, fail to disclose to consumers. Therefore, the Stewart Finance defendants’ representations, as alleged in Paragraph 50, were and are false or misleading. ... [Read More]

Banking
evaluate loan applications, determine an applicant’s ability to pay back a loan, and recommend approval of loans. They usually specialize in commercial, consumer, or mortgage lending. When loans become delinquent, loan officers, or loan counselors, may advise borrowers on the management of their finances or take action to collect outstanding amounts. Loan officers also play a major role in bringing in new business and spend much of their time developing relationships with potential customers. Trust officers manage a variety of assets that were placed in trust with the bank for other people or organizations; these assets can include pension funds, school endowments, or a company’s profit-sharing plan. Sometimes, trust officers act as executors of estates upon a person’s death. They also may work as accountants, lawyers, and investment managers. ... [Read More]

FRB: Public hearing on home equity lending -- August 16, 2000
1 FEDERAL RESERVE BOARD 2 PUBLIC HEARING 3 ON HOME-EQUITY LENDING 4 August 16, 2000 5 MORNING SESSION 6 7 STENOGRAPHIC REPORT OF PROCEEDINGS had in 8 the above-entitled matter held at the Federal 9 Reserve Bank of Chicago, 230 South LaSalle Street, 10 Chicago, Illinois, MS. DOLORES S. SMITH, Moderator. 11 12 PANELISTS: MR. BRUCE BAKER, Illinois Bankers 13 Association MR. MICHAEL O. BROWN, Sable Bancshares, 14 Inc. MR. TERRY BIVINS, Ficus Financial 15 Services, Inc. MR. DAVID A. BOCHNOWSKI, Peoples Bank, SB 16 MR. BOB BUTLER, Assurant Group MR. ALEX COLUMBUS, Assurant Group 17 MR. WILLIAM A. DARR, Office of Banks and Real Estate, State of Illinois 18 MR. TOM DETELICH, Household Finance Corporation 19 MR. DAN IMMERGLUCK, Woodstock Institute MR. TOM JAMES, Assistant Attorney General, 20 State of Illinois MR. IRA RHEINGOLD, Legal Assistance 21 Foundation MR. MICHAEL SHEA, ACORN Housing 22 Corporation MR. CRAIG A. VARGA, Illinois Financial 23 Services Association MS. MICHELLE WEINBERG, Horw ... [Read More]