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)