Illinois Compiled Statutes 815 ILCS 375/2.15 – Precomputed
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Terms Used In Illinois Compiled Statutes 815 ILCS 375/2.15
- 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
A contract is “precomputed” if the debt is expressed as the sum of the amount financed plus the amount of the finance charge computed in advance.