Hastings’ new law provides oversight of predatory Buy-Now-Pay-Later loans

SPRINGFIELD — Illinois consumers have seen that a rapid expansion of Buy-Now-Pay-Later loan services may seem convenient at first, but they can carry hidden costs, unexpected fees and financial risks that often go unnoticed until it is too late. In response, State Senator Michael E. Hastings passed a law enforcing stronger oversight of these predatory programs.

“This industry has grown so fast over such a short period of time,” said Hastings (D-Frankfort). “We are now to a point where Buy-Now-Pay-Later programs are operating like it’s the Wild West.”

Hastings’ new law will require BNPL lenders to register with the state and provide full disclosures about repayment terms, interest rates and potential fees while maintaining fair and transparent dispute or refund processes. The law will also ensure consumers understand the total cost of borrowing and can make informed financial decisions.

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Collins welcomes Amrize to Chicago

CHICAGO – State Senator Lakesia Collins joined Governor JB Pritzker, the Illinois Department of Commerce and Economic Opportunity and Amrize leadership to celebrate the company’s new Chicago headquarters.

“Locating Amrize’s operational headquarters in Chicago is a strong vote of confidence in Illinois’ business climate,” said Collins (D-Chicago). “This investment will create good-paying jobs, strengthen our local economy, and reinforce our position as a hub for innovation.”

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Turner applauds $103 million ADM investment in Decatur

DECATUR — State Senator Doris Turner fought for increased investment in ADM’s Decatur facility, bringing jobs and economic development to the community.

“ADM’s investment in Decatur is a powerful vote of confidence in our workforce and our community,” said Turner (D-Springfield). “This modernization will create new jobs and ensure Central Illinois remains a global leader in agriculture and food processing.”

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Aquino law strengthens Illinois’ health care system

SPRINGFIELD – A new law led by State Senator Omar Aquino aims to strengthen Illinois’ health care system by increasing government efficiency and transparency while maximizing state dollars to fund essential services vulnerable communities depend on.

“Impending federal cuts to Medicaid are a threat to the stability of our health care system, risking access to care for thousands of Illinoisans,” said Aquino (D-Chicago). “Safeguarding local hospitals and community-based services is needed to ensure our most vulnerable communities are not left behind.”

Senate Bill 3365 creates the Distressed Hospital Loan Program, which will provide interest-free cash flow loans to public and nonprofit hospitals in financial distress. The goal is to prevent hospital closures and maintain services while also instituting guardrails that will make sure distressed and safety net hospitals are on a path to financial sustainability.

Read more: Aquino law strengthens Illinois’ health care system