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| [ House Amendment 001 ] |
90_HB0436
815 ILCS 205/2 from Ch. 17, par. 6402
Amends the Interest Act. Provides that upon 30 days'
written notice to the debtor, a collection agency may charge
and collect interest on behalf of a creditor.
LRB9000087DJcc
LRB9000087DJcc
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 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. Upon 30 days' written notice to the debtor, a
17 collection agency, as defined in Section 2.02 of the
18 Collection Agency Act, may charge and collect interest as
19 provided in this Section on behalf of a creditor.
20 (Source: Laws 1891, p. 149.)