Public Act 90-0417 of the 90th General Assembly

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Public Act 90-0417

SB794 Enrolled                                 LRB9003165DJcd

    AN ACT to amend the Interest Act by changing Section 2.

    Be it enacted by the People of  the  State  of  Illinois,
represented in the General Assembly:

    Section  5.  The  Interest  Act  is  amended  by changing
Section 2 as follows:

    (815 ILCS 205/2) (from Ch. 17, par. 6402)
    Sec. 2. Creditors shall be allowed to receive at the rate
of five (5) per centum per annum for all  moneys  after  they
become  due  on  any  bond,  bill,  promissory note, or other
instrument of writing; on money lent or advanced for the  use
of  another;  on  money due on the settlement of account from
the day of  liquidating  accounts  between  the  parties  and
ascertaining  the  balance;  on  money received to the use of
another and retained without the owner's  knowledge;  and  on
money  withheld  by  an  unreasonable  and vexatious delay of
payment. In the absence of an agreement between the  creditor
and  debtor governing interest charges, upon 30 days' written
notice to the debtor, an assignee or agent  of  the  creditor
may  charge  and collect interest as provided in this Section
on behalf of a creditor.
(Source: Laws 1891, p. 149.)

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