Illinois Compiled Statutes 330 ILCS 63/40 – Limitation on interest rate
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Terms Used In Illinois Compiled Statutes 330 ILCS 63/40
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Interest or finance charges collected or charged to a service member who has entered military service, or the spouse of that service member, in connection with an obligation entered into on or after the date of August 22, 2005, but prior to the date that the service member entered military service, shall be subject to Section 4.05 of the Interest Act.