Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 205/2

(815 ILCS 205/2) (from Ch. 17, par. 6402)

Sec. 2.

Creditors shall be allowed to receive at the rate of five (5) per
centum per annum for all moneys after they become due on any bond, bill,
promissory note, or other instrument of writing; on money lent or advanced
for the use of another; on money due on the settlement of account from the
day of liquidating accounts between the parties and ascertaining the
balance; on money received to the use of another and retained without the
owner's knowledge; and on money withheld by an unreasonable and vexatious
delay of payment.
In the absence of an agreement between the creditor and debtor governing
interest charges, upon 30 days' written
notice to the debtor, an assignee or agent of the creditor may charge
and collect interest as provided in this Section on behalf of a creditor.

(Source: P.A. 90-417, eff. 1-1-98.)