TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.340 LOAN TERMS


 

Section 110.340  Loan Terms

 

a)         Beginning August 1, 2023, any required rebate of finance charge for a precomputed title-secured loan may be calculated using the actuarial method, defined by the federal Truth in Lending Act (15 U.S.C. 1601 et seq.) and Regulation Z, Appendix J (12 C.F.R. 226).  The required rebate shall not be calculated using the Rule of 78s.

 

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

 

(Source:  Amended at 47 Ill. Reg. 9271, effective June 20, 2023)