Dear customers,

 

As you may have been informed, Illinois governor Pritzker has signed SB1792, the Predatory Loan Prevention Act. The Predatory Loan Prevention Act goes into effect immediately.

 

Megasys has been closely monitoring the progression of SB 1792 and has already begun implementing calculation changes in order to help our clients and stay in compliance. We are also aware of the requirement to report all loans/contracts to the State of Illinois by way of Veritec. We are in close communication with this agency, and were advised that they would let us know once they implemented the needed changes on their end for the reporting of the accounts.

 

Megasys has maintained regular communication with industry professionals and trade associations to ensure we are assisting our clients to implement these necessary updates. Megasys has extensive knowledge and experience with the Military Lending Act and the associated computational requirements.

 

We will soon be releasing modifications to your FA system / Omega System and will reach out to Illinois customers to begin consulting with and implementing updates soon.  If your company does not reside in the state of Illinois but is doing business in this state, please contact Megasys support so we can assist you with these forthcoming changes.

 

Please contact Megasys Support at 714-952-9554 or support@megasys.net if you have any questions.