Illinois Interest Act Collection Check

Live. Collecting an Illinois private loan? 9% in writing, 5% without (815 ILCS 205/4, 205/2); over it = 2x interest and charges (205/6); 36% PLPA backstop.

Collecting an Illinois private, seller-carried or unlicensed consumer loan? Checks each loan and contact against the Illinois Interest Act: up to 9% a year in a written contract (815 ILCS 205/4) or 5% with no agreement on interest (205/2); knowingly charging more lets the borrower recover, by suit or as a defense, twice the total interest and charges contracted for or paid plus attorney's fees, and the balance is reduced by that amount (205/6; corrected bona fide errors excepted). Backstop: consumer loans made or renewed on or after March 23, 2021 above 36% APR are void under the Predatory Loan Prevention Act (815 ILCS 123/15-5-5, 15-5-10). Banks, credit unions, corporations, business loans, mortgages, real estate installment contracts and school student loans are flagged out of scope; service-member 6% notice (205/4.05) and arrest threats flagged. Not legal advice.

Price: $0.001 per call after 1,000 free per month.

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