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HB 3455

CONSUMER & PREDATORY LOANS

104th Regular Session Introduced by Justin Slaughter

Illinois bill HB 3455 restricts predatory lending practices to protect consumers from high-cost debt traps and exploitative loan terms.

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Bill Summary · HB 3455

Legislative bill overview

HB 3455 addresses consumer protections and predatory lending practices in Illinois. The bill, introduced by Rep. Justin Slaughter, was filed in early February 2025 and has moved through initial procedural steps. Specific provisions are not publicly detailed in the filing information available, but the title indicates focus on regulating high-cost lending products that disproportionately affect vulnerable borrowers.

Why is this important

Predatory lending—including payday loans, title loans, and other high-interest products—costs low-income Illinois residents billions annually in fees and interest while trapping borrowers in debt cycles. Strengthening consumer protections could reduce financial harm to vulnerable populations and potentially decrease reliance on emergency credit sources. Conversely, restrictions may affect credit availability for those with limited traditional banking options.

Potential points of contention

  • Interest rate caps vs. credit access: Strict rate limits could reduce availability of emergency credit for those denied traditional loans, forcing borrowers toward illegal lenders
  • Lender economic impact: Regulations may reduce profitability for lending businesses and eliminate jobs in the industry, with opponents arguing this limits consumer choice
  • Definition of "predatory": Determining which lending practices constitute predatory behavior versus acceptable risk-based pricing remains contentious between consumer advocates and industry stakeholders

Compiled from official sources — confirm details with the bill’s official record.

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