Section 190.515  Fraudulent or Deceptive Practices

a)         No lender shall employ fraudulent or deceptive acts or practices in the making of a subject loan, including deceptive marketing and sales efforts.

b)         No lender shall make a subject loan that includes a penalty provision for prepayment made:

1)         after the expiration of the 36 month period following the date the loan was made; or

2)         that is more than:

A)        3% of the total loan amount, if the prepayment is made within the first 12 month period following the date the loan was made; or

B)        2% of the total loan amount, if the prepayment is made within the second 12 month period after the date the loan was made; or

C)        1% of the total loan amount, if the prepayment is made within the third 12 month period following the date the loan was made.

(Source:  Added at 25 Ill. Reg. 6244, effective May 17, 2001)