Public Act 90-0417 of the 90th General Assembly
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.)