Crystal Lake…State Representative Allen Skillicorn (R- Crystal Lake) said he was excited to see the Governor sign House Bill 88 into law on Monday because of the real bipartisan reforms for debtors rights in the state.
Rep. Skillicorn said, “It’s about time for members of the General Assembly to start working for real reforms to help alleviate financial burdens off the backs of hard working Illinoisans. That is why I signed on as a chief co-sponsor to this legislation in order to crack down on predatory interest rates imposed on the consumer.”
House Bill 88 amends the Code of Civil Procedure pertaining to consumer debt judgments of $25,000 or less. The bill reduces the amount of interest on these judgments from the current 9% down to 5% bringing much needed relief in a common sense financial reform. House Bill 88 passed both chambers unanimously.
“It is heart breaking to see families face financial hardships and incur debt that they would like to pay back, but are locked into a never-ending cycle of debt due to the high interest rates imposed on the consumer,” said Rep. Skillicorn.
“I am proud to see a good faith effort by members of both sides of the aisle coming together to work out some real financial reforms for hard working Illinois families,” concluded Rep. Skillicorn.