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BankersOnline.com Forums State-Specific Compliance Issues Illinois Late Fee
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#1547124 - 05/06/11 12:57 PM Late Fee
inquiringmind Offline
100 Club
Joined: Mar 2003
Posts: 155
I work for a national bank. Can someone point me to the citation(s) in the ILCS that establishes limitations for late fees for:

Generic consumer loans (unsecured, car, boat, etc.)
Home equity loans (1st lien)
Home equity loans (subordinate lien)
Home equity lines of credit (1st lien)
Home equity lines of credit (subordinate lien)

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#1547394 - 05/06/11 03:46 PM Re: Late Fee inquiringmind
Tater Offline
Platinum Poster
Joined: Jan 2006
Posts: 642
Missouri
I'm also at a National Bank, but we found that we are governed by our state's Usury laws for late fees...
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#1547683 - 05/06/11 07:27 PM Re: Late Fee Tater
MyBrainHurts Offline
Platinum Poster
Joined: Feb 2010
Posts: 960
Illinois
There are limits that apply to high risk loans in the High Risk Loan Act at 815 ILCS 137/80.
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