Illinois residents who have had judgments entered against them for consumer debts soon will start paying less interest on those debts, and collectors will have a shorter time frame in which to demand payments, the Chicago Daily Herald reported. That's the result of a new law Gov. J.B. Pritzker (D) signed on Monday. House Bill 88, known as the Consumer Fairness Act, reduces the interest rate charged on post-judgment debt of $25,000 or less to 5 percent, instead of 9 percent. It also reduces the time for collecting on a judgment to 17 years, instead of 26 years. The bill passed both chambers by unanimous votes without opposition from debt collectors or other financial institutions. The new law will take effect Jan. 1, 2020.
