Illinois General Assembly - Illinois Compiled Statutes

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110 ILCS 980/3

(110 ILCS 980/3) (from Ch. 144, par. 2703)

Sec. 3.

Any such agreement executed by such an organization and any
recipient of loan, grant assistance or recommendation may contain a provision for
liquidated damages to be paid for any breach of any provision of the
agreement, or any commitment contained therein, together with attorney's fees and costs
for the enforcement thereof.  Any such covenant shall be valid and
enforceable in the courts of this State as liquidated damages and shall not
be considered a penalty, provided that such provision for liquidated damages does not
exceed $2,500 for each year
remaining for the performance of such agreement.

This Section shall not be construed as pertaining to or limiting any
liquidated damages resulting from scholarships awarded under the Underserved Health Care Provider Workforce Act.

(Source: P.A. 101-118, eff. 7-22-19; 102-888, eff. 5-17-22.)