Illinois Statutes
§ 15-5-5 — Rate cap
Illinois § 15-5-5
JurisdictionIllinois
TopicBUSINESS AND EMPLOYMENT
Ch. 815BUSINESS TRANSACTIONS
Act 815 ILCS 123/Predatory Loan Prevention Act.
This text of Illinois § 15-5-5 (Rate cap) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
815 Ill. Comp. Stat. 15-5-5 (2026).
Text
Notwithstanding any other provision of law, for loans made or renewed on and after the effective date of this Act, a lender shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a loan. For purposes of this Section, the annual percentage rate shall be calculated as such rate is calculated using the system for calculating a military annual percentage rate under Section 232.4 of Title 32 of the Code of Federal Regulations as in effect on the effective date of this Act. Nothing in this Act shall be construed to permit a person or entity to contract for or receive a charge exceeding that permitted by the Interest Act or other law.
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Legislative History
(Source: P.A. 101-658, eff. 3-23-21.)
Nearby Sections
15
§ 15-1
Short title§ 15-1-1
Short title§ 15-1-10
Definitions§ 15-1-15
Applicability§ 15-1-5
Purpose and construction§ 15-10
Registration required§ 15-10-10
Preemption of administrative rules§ 15-10-15
Reporting of violations§ 15-10-20
Judicial review§ 15-10-25
No waivers§ 15-10-30
Superiority of Act§ 15-10-35
Severability§ 15-10-5
Enforcement and remedies§ 15-100
Immunity for official actsCite This Page — Counsel Stack
Bluebook (online)
Illinois § 15-5-5, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/815/15-5-5.