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92_SB0533 LRB9201983DJgc 1 AN ACT in relation to interest. 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 7%five (5) per centumper 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: P.A. 90-417, eff. 1-1-98.)