Illinois Legislature Passes 36% Interest Rate Cap for Consumer Loans
By EsqSocial Corporation 21/01/21
The Illinois legislature has passed a new law setting an interest rate cap of 36% on most consumer loans. What Happened - Under the new bill, “a lender shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed.” Section 15-5-5. The new statute designates use of the same method of APR calculation used under federal law for military-related loans....
By: Manatt, Phelps & Phillips, LLP