Illinois General Assembly - Illinois Compiled Statutes

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205 ILCS 670/18

(205 ILCS 670/18) (from Ch. 17, par. 5424)

Sec. 18.

Advertising.

Advertising for loans transacted under this Act may
not be false, misleading or deceptive. That advertising, if it states a
rate or amount of charge for a loan, must state the rate
as an annual percentage rate. No licensee may advertise in any manner so as to indicate or imply that
his interest rates or charges for loans are in any way "recommended",
"approved", "set" or "established" by the State government or by this Act.

If any advertisement to which this Section applies states the amount of
any installment payment, the dollar amount of any finance charge, or the
number of installments or the period of repayment, then the advertisement
shall state all of the following items:

(1) The amount of the loan.

(2) The number, amount, and due dates or period of payments scheduled to
repay the indebtedness if the credit is extended.

(3) The rate of the finance charge expressed as an annual percentage rate.

(Source: P.A. 90-437, eff. 1-1-98.)