Measures Taken in IL to Protect Stimulus Money, Assist Licensed Lenders

Measures Taken in IL to Protect Stimulus Money, Assist Licensed Lenders

SPRINGFIELD (AP) – Gov J.B. Pritzker announced Tuesday he is suspending laws that permit the service of a garnishment summons, wage deduction summons, or a citation to discover assets as part of consumer debt collection proceedings. The measure will protect the use of the stimulus money for food, shelter, and transportation as it was intended.

The Illinois Department of Financial and Professional Regulation also issued Best Practices to Illinois licensed lenders, encouraging them to work with struggling borrowers during the pandemic to extend the time for payment, waive late charges, and defer collection measures.

“These measures are intended to assist those impacted by this emergency and in need of temporary financial assistance,” Deborah Hagan, Secretary of the Department of Financial and Professional Regulation said.

Residents of Illinois can also take temporary measures to protect their household income for family essentials by considering stopping automatic loan payments and rescinding wage assignments.

Illinois borrowers considering the measures will still owe their debt and should immediately reach out to their creditors to discuss any hardship they’re experiencing as a result of the COVID-19 pandemic.

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