§ 25 — Fees

Illinois § 25

• Jurisdiction: Illinois
• Topic: BUSINESS AND EMPLOYMENT
• Ch. 815: BUSINESS TRANSACTIONS
• Act 815 ILCS 121/: Consumer Legal Funding Act.

Text

(a) The fee charged by a consumer legal funding company to the consumer shall be calculated as not more than 18% of the funded amount, assessed on the outset of every 6 months. (b) In addition, a consumer legal funding company may charge a document preparation fee not to exceed $75, which may be deducted from the funded amount. This fee is to be used to defray the ordinary cost of opening, administering, and terminating a consumer legal funding. (c) A consumer legal funding company shall not collect any additional fees unless otherwise specified in this Act. (d) No charges may accrue on a consumer legal funding for more than 42 months after the funding date of the consumer legal funding. No consumer legal funding may be refinanced except as authorized by rule. Notwithstanding the foregoing, a consumer legal funding company may assess charges on any additional amounts provided after the funding date for 42 months after the additional funding date. (e) Notwithstanding any other law, a consumer legal funding may be refinanced as authorized by rule. The Department shall publish first notice of a rule concerning the refinancing of consumer legal fundings in the Illinois Register in accordance with the Illinois Administrative Procedure Act within 120 days after the effective date of this amendatory Act of the 103rd General Assembly.

Legislative History

(Source: P.A. 102-987, eff. 5-27-22; 103-974, eff. 1-1-25 .)