Illinois Compiled Statutes
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735 ILCS 5/2-1303
(735 ILCS 5/2-1303)
(from Ch. 110, par. 2-1303)
Interest on judgment.
(a) Except as provided in subsection (b), judgments recovered in
any court shall draw interest at the rate of 9% per annum from the date
of the judgment until satisfied or 6% per annum when the judgment debtor is a unit
of local government, as defined in Section 1 of Article VII of the Constitution,
a school district, a community college district, or any other governmental
entity. When judgment is entered upon any award, report or verdict, interest
shall be computed at the above rate, from the time when made or rendered
to the time of entering judgment upon the same, and included in the judgment.
Interest shall be computed and charged only on the unsatisfied portion of
the judgment as it exists from time to time. The judgment debtor may by
tender of payment of judgment, costs and interest
accrued to the date of tender, stop the further accrual of interest on such
judgment notwithstanding the prosecution of an appeal, or other steps to
reverse, vacate or modify the judgment.
(b)(1) As used in this Section:
"Consumer debt" means money or property, or the equivalent, due or owing, or alleged to be due or owing, from a natural person by reason of a transaction in which property, services, or money is acquired by that natural person primarily for personal, family, or household purposes.
"Consumer debt judgment" means a judgment recovered in any court against one or more natural persons arising out of consumer debt. "Consumer debt judgment" does not include any compensation for bodily injury or death, nor any judgment entered where the debt is guaranteed by or contains a joint and several liability provision between a natural person and a business, whether or not that business is legally constituted under the laws of this State or any other state.
(2) Notwithstanding subsection (a), consumer debt judgments of $25,000 or less shall draw interest from the date of the judgment until satisfied at the rate of 5% per annum.
(3) The judgment debtor may, by tender of payment of judgment, costs, and interest accrued to the date of tender, stop the further accrual of interest on the consumer debt judgment, notwithstanding the prosecution of an appeal, or other steps to reverse, vacate, or modify the judgment.
(4) This subsection applies to all consumer debt judgments entered into after the effective date of this amendatory Act of the 101st General Assembly.
(Source: P.A. 101-168, eff. 1-1-20