Is there a maximum dollar amount you can charge in Illinois for late fee on a credit card? Our bank is thinking about a tier i.e. $20 less than $100 and $29 $100 up to $1,000 and $39 $1,000 or more.
The Illinois Financial Services Development Act 205 ILCS 675/6 states that you can charge whatever you put into your contract for revolving lines of credit.
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David J Mulkerin, CRCM All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.
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