The seller may not charge or collect a prepayment penalty or any similar fee or finance charge if the buyer elects to pay the outstanding principal balance of the purchase price under the contract before the scheduled payment date under the contract.
765 ILCS 67/60
Prepayment penalties prohibited
Known as the Installment Sales Contract Act
The act spans §§ 765-67-1 to 765-67-999 (23 sections).
P.A. 100-416, eff. 1-1-18.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.