State of Illinois
90^th General Assembly
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90_SB0794

      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.
                                                     LRB9003165DJcd
                                               LRB9003165DJcd
 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.)

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