State of Illinois
90^th General Assembly
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90_SB0794enr

      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
SB794 Enrolled                                 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. In the absence of an agreement between the  creditor
17    and  debtor governing interest charges, upon 30 days' written
18    notice to the debtor, an assignee or agent  of  the  creditor
19    may  charge  and collect interest as provided in this Section
20    on behalf of a creditor.
21    (Source: Laws 1891, p. 149.)

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