A contract is "precomputed" if the debt is expressed as a sum of the amount financed plus the amount of the finance charge computed in advance.
815 ILCS 405/2.17
Precomputed
Known as the Retail Installment Sales Act
The act spans §§ 815-405-1 to 815-405-9 (60 sections).
P.A. 90-437, eff. 1-1-98.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.