State of Illinois
91st General Assembly
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91_HB1837eng

 
HB1837 Engrossed                               LRB9104258DJcd

 1        AN ACT to amend the Interest Act by changing Section 2.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.   The  Interest  Act  is  amended by changing
 5    Section 2 as follows:

 6        (815 ILCS 205/2) (from Ch. 17, par. 6402)
 7        Sec. 2. Creditors shall be allowed to receive at the rate
 8    of 9% five (5) per centum per annum for all moneys after they
 9    become due on any  bond,  bill,  promissory  note,  or  other
10    instrument  of writing; on money lent or advanced for the use
11    of another; on money due on the settlement  of  account  from
12    the  day  of  liquidating  accounts  between  the parties and
13    ascertaining the balance; on money received  to  the  use  of
14    another  and  retained  without the owner's knowledge; and on
15    money withheld by an  unreasonable  and  vexatious  delay  of
16    payment.  In the absence of an agreement between the creditor
17    and debtor governing interest charges, upon 30 days'  written
18    notice  to  the  debtor, an assignee or agent of the creditor
19    may charge and collect interest as provided in  this  Section
20    on behalf of a creditor.
21    (Source: P.A. 90-417, eff. 1-1-98.)

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