Illinois Interest Rates Laws
|Legal Maximum Rate of Interest||Determined by the laws applicable at the time the contract is made (815 ILCS 205/4)|
|Penalty for Usury (Unlawful Interest Rate)||Recipient subject to suit for twice total of all interest, charges, and attorney's fees and court costs (815 ILCS 205/6)|
|Interest Rates on Judgments||9% or 6% when judgment debtor is unit of local government, school district, or community college (735 ILCS 5/2-1303; 735 ILCS 5/12-109)|
|Exceptions||Under Consumer Installment Loan Act (205 ILCS 670/1); short-term loans (815 ILCS 205/4.1a); installment loans (815 ILCS 205/4a; 205 ILCS 670/15); pawnbrokers (§205 ILCS 510/2); farm development loan (20 ILCS 3605/5 to 3605/12); reverse mortgage loan (205 ILCS 305/46)|
Note: State laws are constantly changing -- contact an attorney or conduct your own legal research to verify the state law(s) you are researching.
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