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.
205 ILCS 670/17
Maximum term and amount
Known as the Consumer Installment Loan Act
The act spans §§ 205-670-1 to 205-670-9-1 (48 sections).
P.A. 93-264, eff. 1-1-04.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.