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BankersOnline.com Forums State-Specific Compliance Issues Illinois Interest during Rescission Period
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#347377 - 04/15/05 03:35 PM Interest during Rescission Period
RedwaveBanker Offline
New Poster
Joined: Jul 2004
Posts: 22
Indiana
I am trying to find what Illinois law states regarding charging interest during the rescission period on a loan? Can someone guide me in right direction as to where this information would located under the Illinois Statutes?

Thanks

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#347378 - 05/25/05 07:30 PM Re: Interest during Rescission Period
Anonymous
Unregistered

If it was addressed it should be in the Illinois Interest Act @815 ILCS 205/4, General interest rate. I don't think interest is treated any differently for that period by state law. It is agreed to by the parties and therefore legal to "contract for and recieve".

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#347379 - 07/16/05 06:03 PM Re: Interest during Rescission Period
Anonymous
Unregistered

I am an attorney researching that issue nationwide. Please call 305.444.5925 to discuss.

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