Illinois Compiled Statutes 765 ILCS 67/60 – Prepayment penalties prohibited
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Terms Used In Illinois Compiled Statutes 765 ILCS 67/60
- Contract: A legal written agreement that becomes binding when signed.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
The seller may not charge or collect a prepayment penalty or any similar fee or finance charge if the buyer elects to pay the outstanding principal balance of the purchase price under the contract before the scheduled payment date under the contract.