Interest, Usury and Late Charges

Creditors shall be allowed to receive at the rate of five (5) per centum per annum for all moneys after they become due on any bond, bill, promissory note, or other instrument of writing; on money lent or advanced for the use of another; on money due on the settlement of account from the day of liquidating accounts between the parties and ascertaining the balance; on money received to the use of another and retained without the owner's knowledge; and on money withheld by an unreasonable and vexatious delay of payment. (815 ILCS 205/2) In all written contracts it shall be lawful for the parties to stipulate or agree that an annual percentage rate of 9%, or any less sum, shall be taken and paid upon every $100 of money loaned or in any manner due and owing from any person to any other person or corporation in this state, and after that rate for a greater or less sum, or for a longer or shorter time. The maximum rate of interest that may lawfully be contracted for is determined by the law applicable thereto at the time the contract is made. (815 ILCS 205/4) If any person or corporation knowingly contracts for or receives, directly or indirectly, by any device, subterfuge or other means, unlawful interest, discount or charges for or in connection with any loan of money, the obligor may, recover by means of an action or defense an amount equal to twice the total of all interest, discount and charges determined by the loan contract or paid by the obligor, whichever is greater, plus such reasonable attorney's fees and court costs as may be assessed by a court against the lender. (815 ILCS 205/6)

"These limits are inapplicable to commercial loans and there are explicit exemptions for entities such as banks, credit unions and insurance companies duly licensed under state or federal law.Asset Exch. II, LLC v. First Choice Bank<, 2011 IL App (1st) 103718, 953 N.E.2d 446, 451,(Aug. 23, 2011);

Both state and federal courts in Illinois have concluded that the Illinois Interest Act ‘does not apply to transactions involving corporationsBank of America N.A. v. Shelbourne Development Group, Inc., 732 F.Supp.2d 809, 821 (N.D.Ill.2010) "

None.