(815 ILCS 175/15-70)
Rescission of contract under Truth-in-Lending Law;
notice to creditor.
(a) If a transaction for which a loan broker has charged any
fee or collected any costs is rescinded by any person under the
provisions of the Truth-in-Lending Law, 15 U.S.C. 1601-1667e,
within 20 calendar days after a notice of the rescission has been
delivered to the creditor, the loan broker shall return to the
person any money or property that has been given to the loan
broker, including property or money the loan broker delivered or
directed to third parties.
(b) For purposes of calculating the time period during which
a person may rescind a contract under this Section, a contract with
a loan broker shall be considered to be a sale of services that
occurs on the date the person receives the disclosure document
required by Section 15-30 of this Act.
(Source: P.A. 89-209, eff. 1-1-96.)