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STATE TAKES ON PREDATORY LENDING RULES WOULD HALT SINGLE-PREMIUM LIFE INSURANCE FINANCING
[Chicago Sports Final , N Edition]
Chicago Tribune - Chicago, Ill.
Subjects: State regulation; Regulation of financial institutions; Predatory lending
Author: Allison, Melissa
Date: Dec 15, 2000
Start Page: 1
Section: Business
Abstract (Document Summary)

The proposed Illinois regulations resemble current and proposed Fed rules against predatory lending, but would go a critical step further by prohibiting the financing of single-premium credit life insurance, which requires borrowers to pay their premiums in a lump sum. When such premium costs are rolled into a mortgage, they can increase a borrower's monthly loan payment by as much as $100 a month, according to Ryan's office.

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