Chapter 815 — BUSINESS TRANSACTIONS

(815 ILCS 175/15-65) Sec. 15-65. Violation. Any person who willfully violates this Act commits a Class 4 felony. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 175/15-70) Sec. 15-70. Rescission of contract under Truth-in-Lending Law; notice to creditor. (a) If a transaction for which a loan broker has charged any fee or collected any costs is rescinded by any person under the provisions of the Truth-in-Lending Law, 15 U.S.C. 1…

(815 ILCS 175/15-75) Sec. 15-75. Account numbers required; retention and maintenance of records. (a) Each loan broker agreement shall be given an account number and all instruments taken in connection with that agreement must bear this number. Each loan broker shall keep and main…

(815 ILCS 175/15-80) Sec. 15-80. Persons exempt from registration and other duties; burden of proof thereof. (a) The following persons are exempt from the requirements of Sections 15-10, 15-15, 15-20, 15-25, 15-30, 15-35, 15-40, and 15-75 of this Act: (1) Any attorney while engag…

(815 ILCS 175/15-85) Sec. 15-85. Fraudulent and prohibited acts. (a) A loan broker shall not, in connection with a contract for the services of a loan broker, either directly or indirectly, do any of the following: (1) Employ any device, scheme or article to defraud. (2) Make any…

(815 ILCS 175/15-90) Sec. 15-90. Deposit of moneys. All moneys received under this Act shall be deposited into the Securities Audit and Enforcement Fund. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 175/15-95) Sec. 15-95. Service of process. (a) A person acting as a loan broker, unless exempt from registration under this Act, shall constitute an appointment of the Secretary of State, or his or her successors in Office, by the person to be the true and lawful attorn…

(815 ILCS 175/99-1) Sec. 99-1. Effective date. This Act takes effect January 1, 1996. (Source: P.A. 89-209, eff. 1-1-96.)

(815 ILCS 177/1) Sec. 1. Short title. This Act may be cited as the Tax Refund Anticipation Loan Reform Act. (Source: P.A. 97-849, eff. 1-1-13.)

(815 ILCS 177/10) Sec. 10. Disclosure requirements. At the time a consumer applies for a refund anticipation loan or check, a facilitator shall disclose to the consumer on a document that is separate from the application: (1) the fee for the refund anticipation loan or refund ant…

(815 ILCS 177/15) Sec. 15. Posting of fee schedule and disclosures. (a) A facilitator shall display a schedule showing the current fees for refund anticipation loans, if refund anticipation loans are offered, or refund anticipation checks, if refund anticipation checks are offere…

(815 ILCS 177/25) Sec. 25. Prohibited activities. No person, including any officer, agent, employee, or representative, shall: (a) Charge or impose any fee, charge, or other consideration in the making or facilitating of a refund anticipation loan or refund anticipation check apa…

(815 ILCS 177/30) Sec. 30. Rate limits for non-bank refund anticipation loans. (a) No person shall make or facilitate a refund anticipation loan for which the refund anticipation loan interest rate is greater than 36% per annum. The refund anticipation loan interest rate shall be…

(815 ILCS 177/35) Sec. 35. Applicability to certain entities. No obligation or prohibition imposed upon a creditor, a person, or a facilitator by this Act shall apply to a bank, savings bank, savings and loan association, or credit union operating under the laws of the United Sta…

(815 ILCS 177/40) Sec. 40. Violation. A violation of this Act constitutes an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. (Source: P.A. 97-849, eff. 1-1-13.)

(815 ILCS 177/5) Sec. 5. Definitions. The following definitions apply in this Act: "Consumer" means any natural person who, singly or jointly with another consumer, is solicited for, applies for, or receives the proceeds of a refund anticipation loan or refund anticipation check.…

(815 ILCS 177/99) Sec. 99. Effective date. This Act takes effect on January 1, 2003. (Source: P.A. 92-664, eff. 1-1-03.)

(815 ILCS 180/1) Sec. 1. Short title. This Act may be cited as the Collateral Protection Act. (Source: P.A. 89-623, eff. 8-9-96.)

(815 ILCS 180/10) Sec. 10. Placement of collateral protection insurance. A creditor may place collateral protection insurance provided the following conditions are met: (1) the debtor has entered into a credit transaction with the creditor; (2) the credit transaction has been red…

(815 ILCS 180/15) Sec. 15. Notice of purchase of collateral protection insurance; repayment terms. (a) Within 30 calendar days following the purchase of collateral protection insurance, the creditor shall mail to the debtor and to any cosigner, guarantor, or other person liable w…

(815 ILCS 180/20) Sec. 20. Coupon books. If any form of amortization is used by the creditor and a coupon book was sent to the debtor at the inception of the credit transaction, the creditor shall send to the debtor either: (1) a reprinted coupon book with revised calculations of…

(815 ILCS 180/25) Sec. 25. Cancellation of collateral protection insurance. A debtor may at any time cause the cancellation of collateral protection insurance by providing proper evidence to the creditor that the debtor has obtained insurance as required by the credit agreement. …

(815 ILCS 180/30) Sec. 30. Unearned premiums. Upon cancellation or expiration of collateral protection insurance, the amount of unearned premiums, if any, as calculated in accordance with the policy, shall be refunded to the debtor. The amount of unearned premiums, however, may n…

(815 ILCS 180/35) Sec. 35. Selection of insurance carrier. Collateral protection insurance may be placed with any insurance carrier selected by the creditor that is licensed to underwrite the insurance by the Department of Insurance. The insurance shall be evidenced by an individ…

(815 ILCS 180/40) Sec. 40. Substantial compliance. (a) A creditor that places collateral protection insurance in substantial compliance with the terms of this Act shall not be directly or indirectly liable in any manner to a debtor, co-signor, guarantor, or any other person, in c…

(815 ILCS 180/45) Sec. 45. No fiduciary relationship. This Act does not impose a fiduciary relationship between the creditor and the debtor. Placement of collateral protection insurance is for the sole purpose of protecting the interest of the creditor when the debtor fails to in…

(815 ILCS 180/5) Sec. 5. Definitions. In this Act, unless the context otherwise requires, the following words and phrases shall have the following meanings: "Collateral" means any or all property pledged or otherwise used to secure payment, repayment, or performance under a credi…

(815 ILCS 180/50) Sec. 50. No cause of action created. A creditor is not, by virtue of this Act, required to purchase collateral protection insurance or to otherwise insure collateral. A creditor shall not, by virtue of this Act, be liable to a debtor or to any other person for n…

(815 ILCS 180/55) Sec. 55. Uniform Commercial Code. The obligations and rights of the creditor and the debtor with respect to the collateral as provided by the Uniform Commercial Code are not affected by this Act. (Source: P.A. 89-623, eff. 8-9-96.)

(815 ILCS 180/60) Sec. 60. Severability; no impairment of creditor's rights. The provisions of this Act are severable under Section 1.31 of the Statute on Statutes. This Act shall not impair any other remedies, rights, or options available to a creditor pursuant to any law, regul…

(815 ILCS 180/65) Sec. 65. Coverage of Act. Substantial compliance with the provisions of this Act shall be mandatory for the placement of collateral protection insurance in this State by a creditor pursuant to a credit agreement entered into on or after July 1, 1997. No provisio…

(815 ILCS 180/99) Sec. 99. Effective date. This Act takes effect upon becoming law. (Source: P.A. 89-623, eff. 8-9-96.)

(815 ILCS 185/0.01) (was 720 ILCS 330/0.01) Sec. 0.01. Short title. This Act may be cited as the Loan Advertising to Bankrupts Act. (Source: P.A. 86-1324.)

(815 ILCS 185/1) (was 720 ILCS 330/1) Sec. 1. No person engaged in the business of making loans or of selling any property or services under installment contracts or charge agreements may include in any solicitation of or advertisement for such business any language stating or im…

(815 ILCS 185/2) (was 720 ILCS 330/2) Sec. 2. Any person violating this Act shall be guilty of a business offense and shall be fined not more than $1,000. (Source: P.A. 77-2251.)

(815 ILCS 205/0.01) (from Ch. 17, par. 6400) Sec. 0.01. Short title. This Act may be cited as the Interest Act. (Source: P.A. 86-1324.)

(815 ILCS 205/1) (from Ch. 17, par. 6401) Sec. 1. The rate of interest upon the loan or forbearance of any money, goods or thing in action, shall be five dollars ($5) upon one hundred dollars ($100) for one year, and after that rate for a greater or less sum, or for a longer or s…

(815 ILCS 205/10) (from Ch. 17, par. 6418) Sec. 10. In all computations of time, and of interest and discounts, a month shall be considered to mean a calendar month, and a year shall consist of twelve calendar months; and in computations of interest or discount for any number of …

(815 ILCS 205/11) (from Ch. 17, par. 6419) Sec. 11. Whenever the Department of Financial Institutions has reason to believe that any person or corporation engaged in the business of lending money is contracting for, receiving, or collecting unlawful interest for any loan not exce…

(815 ILCS 205/2) (from Ch. 17, par. 6402) Sec. 2. Creditors shall be allowed to receive at the rate of five (5) per centum per annum for all moneys after they become due on any bond, bill, promissory note, or other instrument of writing; on money lent or advanced for the use of a…

(815 ILCS 205/4) (from Ch. 17, par. 6404) Sec. 4. General interest rate. (1) Except as otherwise provided in Section 4.05, in all written contracts it shall be lawful for the parties to stipulate or agree that an annual percentage rate of 9%, or any less sum, shall be taken and p…

(815 ILCS 205/4.05) Sec. 4.05. Military personnel in military service; limitation on interest rate. (a) In this Section: "Military service" means any full-time training or duty, no matter how described under federal or State law, for which a service member is ordered to report by…

(815 ILCS 205/4.1) (from Ch. 17, par. 6405) Sec. 4.1. The term "revolving credit" means an arrangement, including by means of a credit card as defined in Section 17-0.5 of the Criminal Code of 2012 between a lender and debtor pursuant to which it is contemplated or provided that …

(815 ILCS 205/4.1a) (from Ch. 17, par. 6406) Sec. 4.1a. Charges for and cost of the following items paid or incurred by any lender in connection with any loan shall not be deemed to be charges for or in connection with any loan of money referred to in Section 6 of this Act, or ch…

(815 ILCS 205/4.2) (from Ch. 17, par. 6407) Sec. 4.2. Revolving credit; billing statements; disclosures. On a revolving credit which complies with subparagraphs (a), (b), (c), (d) and (e) of this Section 4.2, it is lawful for any bank that has its main office or, after May 31, 19…

(815 ILCS 205/4.2a) (from Ch. 17, par. 6408) Sec. 4.2a. If a lender or creditor, within 30 days from receiving a written letter, in clear and definitive terms, signed by the debtor, including his or her name, address, and account number, sent within 60 days after mailing by the l…

(815 ILCS 205/4.3) (from Ch. 17, par. 6409) Sec. 4.3. Whenever interest received or contracted to be received by the lender on a revolving credit as defined in Section 4.1 hereof is lawful only under the provisions of Section 4.2 hereof, no provision contained in any contract or …

(815 ILCS 205/4a) (from Ch. 17, par. 6410) Sec. 4a. Installment loan rate. (a) On money loaned to or in any manner owing from any person, whether secured or unsecured, except where the money loaned or in any manner owing is directly or indirectly for the purchase price of real es…

(815 ILCS 205/4b) (from Ch. 17, par. 6411) Sec. 4b. In order to assure compliance with applicable Federal law, any State agency having chartering or licensing powers or regulatory or supervisory authority over a class of creditors affected by this Act may promulgate rules and reg…

(815 ILCS 205/5) (from Ch. 17, par. 6412) Sec. 5. No person or corporation shall directly or indirectly accept or receive, in money, goods, discounts or thing in action, or in any other way, any greater sum or greater value for the loan, forbearance or discount of any money, good…