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92_SB2125 LRB9214190WHcsA 1 AN ACT concerning interest. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Interest Act is amended by changing 5 Section 2 as follows: 6 (815 ILCS 205/2) (from Ch. 17, par. 6402) 7 Sec. 2. Prejudgment interest. 8 (a) Actions in which prejudgment interest is 9 recoverable. Prejudgment interest shall be recovered: (1) on 10 all moneys after they become due on any bond, bill, 11 promissory note, or other instrument in writing; (2) on money 12 lent or advanced for the use of another; (3) on money due on 13 the settlement of account from the day of liquidating 14 accounts between parties and ascertaining the balance; (4) on 15 money received for the use of another and retained without 16 the owner's knowledge; (5) on money withheld by an 17 unreasonable and vexatious delay of payment; (6) because of 18 an intentional act depriving or otherwise interfering with 19 title to, or enjoyment of, real property, personal property, 20 or money; (7) upon a sum awarded for breach of an oral or 21 written agreement; and (8) as otherwise provided by law or in 22 equity. This Section shall not authorize the recovery of 23 prejudgment interest for damages arising from personal injury 24 or death. 25 (b) Date from which computed. Prejudgment interest shall 26 be computed from the date the cause of action first arose 27 except that interest upon damages incurred thereafter shall 28 be computed from the date incurred. Where damages were 29 incurred at various times, interest shall be computed upon 30 each item of damages from the date it was incurred, or upon 31 all of the damages from a single reasonable intermediate -2- LRB9214190WHcsA 1 date. 2 (c) Rate of prejudgment interest. Except as otherwise 3 agreed, the rate of prejudgment interest shall be 5% per 4 year. 5 (d) Applicability. This amendatory Act of the 92nd 6 General Assembly applies to all causes of action accruing on 7 or after the date it becomes law.
Creditors shall be allowed8 to receive at the rate of five (5) per centum per annum for9 all moneys after they become due on any bond, bill,10 promissory note, or other instrument of writing; on money11 lent or advanced for the use of another; on money due on the12 settlement of account from the day of liquidating accounts13 between the parties and ascertaining the balance; on money14 received to the use of another and retained without the15 owner's knowledge; and on money withheld by an unreasonable16 and vexatious delay of payment. In the absence of an17 agreement between the creditor and debtor governing interest18 charges, upon 30 days' written notice to the debtor, an19 assignee or agent of the creditor may charge and collect20 interest as provided in this Section on behalf of a creditor.21 (Source: P.A. 90-417, eff. 1-1-98.)
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