(815 ILCS 375/19) (from Ch. 121 1/2, par. 579)
Sec. 19.
The holder of a contract, upon request by the buyer, may extend
the scheduled due date of all or any part of any installment or
installments, or renew or restate the unpaid time balance of the contract,
the amounts and due dates of the installments, and may collect for that
extension, renewal or restatement a refinance charge computed as follows:
If the unpaid time balance of the contract is extended, renewed or
restated, the holder may compute the refinance charge on an amount
determined by adding to the unpaid balance the cost to the holder for
insurance and official fees incidental to the refinancing, and accrued
delinquency and collection charges and deducting any refund credit which
may be due the buyer for prepayment under Section 7 of this Act at the
rate of finance charge applicable to the age of the motor vehicle at the
time of refinancing.
(Source: P.A. 76-1781.)
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