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205 ILCS 670/18

Advertising

Known as the Consumer Installment Loan Act

The act spans §§ 205-670-1 to 205-670-9-1 (48 sections).

P.A. 90-437, eff. 1-1-98.

Advertising for loans transacted under this Act may not be false, misleading or deceptive. That advertising, if it states a rate or amount of charge for a loan, must state the rate as an annual percentage rate. No licensee may advertise in any manner so as to indicate or imply that his interest rates or charges for loans are in any way "recommended", "approved", "set" or "established" by the State government or by this Act. If any advertisement to which this Section applies states the amount of any installment payment, the dollar amount of any finance charge, or the number of installments or the period of repayment, then the advertisement shall state all of the following items: (1) The amount of the loan. (2) The number, amount, and due dates or period of payments scheduled to repay the indebtedness if the credit is extended. (3) The rate of the finance charge expressed as an annual percentage rate.

Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.