Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 670/17

(205 ILCS 670/17) (from Ch. 17, par. 5423)

Sec. 17.

Maximum term and amount.

The loan contract shall provide for
repayment of the principal and charges within 181 months from the date of
the loan contract or the last advance, if any, required by the loan
contract. No licensee shall permit an obligor to owe such licensee or an
affiliate (including a corporation owned or managed by the licensee) or
agent of such licensee an aggregate principal amount of more than $40,000 at
any time for loans transacted pursuant to this Act.

(Source: P.A. 93-264, eff. 1-1-04.)