Governor signed Illinois payday lending bill this afternoon.  From the story:

Payday loan companies will face limits on how much interest they can charge under legislation Gov. Pat Quinn signed into law this afternoon.

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Interest rates on payday loans also would be limited, with rates being capped at $15.50 for every $100 borrowed over a two-week period. Additionally, loan firms would have to verify that a borrower has the ability to repay a loan and would not be allowed to issue pay day loans if monthly payments would exceed 25 percent of a person’s gross monthly income. That limit drops to 22.5 percent for those taking out longer consumer installment loans.