Therefore the coalition started pressing for brand new regulations. In 2005 then-governor Rod Blagojevich signed the cash advance Reform Act, that was sustained by both the Community Financial Services Association—a national trade group for payday lenders—and the Egan coalition. It codified a number of the guidelines that were subverted, needing more hours between loans and more thorough underwriting.
But there clearly was a loophole. Regulations established a regime that is regulatory governed payday lenders whose loans had regards to 120 times or less. Lenders, DeLaforgue states, just began loans that are writing longer terms than that.