Illinois Statutes
§ 2-25 — Right to cancel future payment obligations
Illinois·Topic BUSINESS AND EMPLOYMENT·Ch. 815 BUSINESS TRANSACTIONS·Act 815 ILCS 122/ Payday Loan Reform Act.·Art. Article 2 - Payday Loans
A consumer may cancel future payment obligations on a payday loan, without cost or finance charges, no later than the end of the second business day immediately following the day on which the payday loan agreement was executed. To cancel future payment obligations on a payday loan, the consumer must inform the lender in writing that the consumer wants to cancel the future payment obligations on the payday loan and must return the uncashed proceeds, check or cash, in an amount equal to the principal amount of the loan.
Free access — add to your briefcase to read the full text and ask questions with AI
Illinois § 2-25 (Right to cancel future payment obligations) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: P.A. 94-13, eff. 12-6-05.)
Nearby Sections
15
§ 2
Definitions§ 2-10
Permitted fees§ 2-15
Verification§ 2-20
Required disclosures§ 2-30
Rollovers prohibited§ 2-35
Proceeds and payments§ 2-40
Repayment plan§ 2-45
Default§ 2-5
Loan terms§ 2-51
§ 2-51§ 2-60
Advertising