Section 110.340  Simple Interest and Repayment

a)         A title-secured lender must compute interest on all title-secured loans as simple interest, as defined in Section 110.80(c) of this Part.

b)         Title-secured loans must be fully amortized and repayable in substantially equal installments.

(Source:  Amended at 33 Ill. Reg. 4142, effective April 1, 2009)