Fratus v. Opportunity Financial, LLC

UNITED STATES DISTRICT COURT NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION COREY FRATUS, ) ) ) Plaintiff, ) ) No. 24-cv-6489 v. ) ) Judge April M. Perry OPPORTUNITY FINANCIAL, LLC, ) TODD G. SCHWARTZ, and ) PAMELA D. JOHNSON, ) ) Defendants. ) ) OPINION AND ORDER In many U.S. states, usury laws cap the interest rate lenders can charge on consumer loans. One of those states is Illinois, which in 2021 enacted the Predatory Loan Prevention Act (“PLPA”). The PLPA caps the interest rate on consumer loans at thirty-six percent, and applies to “any person or entity that offers or makes a loan to a…