Under the Illinois Interest Act, is a bank allowed to charge a late charge in excess of 5% of the installment amount on a residential mortgage loan?

no.

[815 ILCS 205/4.1a(f)].

"if the agreement governing the loan so provides, for each loan installment in default for a period of not less than 10 days, a charge in an amount not in excess of 5% of such loan installment. Only one delinquency charge may be collected on any such loan installment regardless of the period during which it remains in default. Payments timely received by the lender under a written extension or deferral agreement shall not be subject to any delinquency charge."

Another question to piggy-back on this one...Is there a conflict with the number of days in default between a mortgage loan and a High Risk home loan? The previous statement referencing [815 ILCS 205/4.1a(f)] indicates "...in default for a period of not less than 10 days,..." and the High Risk Home Loan Act [815 ILCS 137/80]states the following "(2)the late payment fee shall only be assessed for a payment past due for 15 days or more;" ? Just want to make sure we can begin collecting the late fee if a real estate loan become delinquent after 10 days, rather than 15 days. Any help is appreciated. Thanks!