***Update on the ‘Lawsuit Loan Shark’ bill***
Just hours after a House Committee advanced legislation (SB3322) aimed at throwing open the doors to lawsuit loan lenders to come to Illinois, the full House resoundingly rejected the legislation on Thursday, Jan. 6.
The final vote was 87 voting against the legislation with only 28 lawmakers voting in favor of it.
The victory, though, could be short lived as proponents of the legislation will undoubtedly try to pass the bill again during the 97th General Assembly set to begin on Jan. 12.
But this is not to say the victory won on Jan. 6 is an insignificant one. Lawmakers were under tremendous pressure to vote for SB3322, but they overwhelmingly rejected the legislation. It is true the proponents will try again to get the bill passed, but the final vote tally proves they have a long way to go.
The final vote also shows the power of grassroots activism. The phone calls and e-mails made by I-LAW supporters in the last few weeks made a difference in helping to defeat this dangerous legislation. The efforts clearly paid off as evidenced by the shellacking the bill received on Jan.6.
For the moment, lawsuit loan sharks will not be descending on Illinois and that is certainly welcome news. At a time when jobs are at a premium, the last thing Illinois needs is legislation to incentivize even more jobs-killing lawsuits.