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


 

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)