Illinois Sample Letter Stating Interest Statutes
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How to fill out Sample Letter Stating Interest Statutes?
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FAQ
In Article 39 of the Illinois Criminal Code, lawmakers describe an offense called criminal usury. A person may be prosecuted for criminal usury if he or she offers a loan to someone with an interest rater higher than 20% per year.
(a) Except as provided in subsection (b), judgments recovered in any court shall draw interest at the rate of 9% per annum from the date of the judgment until satisfied or 6% per annum when the judgment debtor is a unit of local government, as defined in Section 1 of Article VII of the Constitution, a school district, ...
In 2021, the PLPA became effective, imposing a 36% ?all-in? annual interest rate cap on consumer loans made or offered by any person or entity, excluding banks and credit unions, to a consumer in Illinois.
Interest begins to accumulate on the date the action is filed and accrues at a 6% per annum rate on the entire judgment, minus any punitive damages, sanctions, or attorneys' fees.
Usury is interest that a lender charges a borrower at a rate above the lawful ceiling on such charges; a contract upon the loan of money with an illegally high interest rate as a condition of the loan.
When you consider who is exempt from usury laws, the most common loan providers are institutions. Institutions that provide consumer loans are typically exempt from usury laws. Institutions include banks, savings and loans, credit unions, licensed pawnbrokers, licensed finance lenders, and personal property brokers.
The Illinois Statute governing conflicts of interest prohibits any public official from having any interest "in any contract or the performance of any work in the making or letting of which such officers may be called upon to act or vote" [50 ILCS 105/3 et seq.].
