The two bills were part of the Black Caucus’ legislative agenda aimed at addressing economic equity in the state.
Gov. J.B. Pritzker will sign into law a cap on payday loan rates and a measure aimed at increasing diversity in the state’s contracting process Tuesday, two pieces of legislation crafted and shepherded through the General Assembly by the Illinois Legislative Black Caucus in January.
The two bills — SB1792 and SB1608 — were part of the Black Caucus’ legislative agenda aimed at addressing economic equity in the state.
SB1792 amends the Farmer Equity Act and creates a cannabis equity commission to ensure the equity goals the state set as part of its legalization of cannabis are met and caps at 36% the annual percentage rate for payday loans, small consumer loans and title-secured loans under the Predatory Loan Prevention Act.
It also requires the Department of Agriculture to study the disparities associated with farm ownership and farm operations in the state.
SB1608 increases the state’s goal for contracts awarded to businesses owned by minorities, women or people with disabilities from 20% to 30% and mandates the state’s Department of Central Management Services to establish “committed diversity aspirational goals for state contracts” and “concerted outreach efforts to businesses owned by minorities, women, and persons with disabilities.”
Both measures were sent to the governor in early February.
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March 23, 2021 at 11:57AM