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IFAI's Primary goals are to advance, shape, resist and monitor legislation that impacts your business and to keep our members advised of these developments and solicit their input with the objective of protecting access to credit. 

 

  •  IFAI employs a lobbyist in Springfield to stay on top of all proposed legislation that may effect our member’s business 

  •  IFAI members actively participate in hearings, conferences, meetings with legislators, regulators (including the Attorney General’s Office, the Secretary of State, the Department of Financial and Professional Regulation and its Division of Financial Institutions.

  •  OUR MEMBERS take a ”ROLL YOUR SLEEVES UP” role in these matters which gives the IFAI a real “face” and presence in Springfield In the last 3 years the IFAI has played a major role in stopping or significantly modifying legislation that would have; 

 

  •  Capped rates on all forms of credit at 36% or less 

  •  Eliminated late fees 

  •  Eliminated post judgment interest 

  •  Eliminated attorney fees in collections 

  •  Provided for attorney fees to borrowers attorneys 

  •  Forced used car sellers to warrant their cars 

  •  Limited or eliminated refinancing of loans and contracts 

  •  Eliminated the use of court ordered body attachments in collection matters 

  •  Completely eliminated use of the rule of 78’s or the actuarial method 

  •  Limited or eliminated the sale of ancillary products   

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