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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.
Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
(110 ILCS 992/7-80) Sec. 7-80. Early completion. An EISA shall specify the terms and conditions by which the consumer may extinguish the consumer's obligations under the EISA before the end of the EISA's duration. An EISA must not include a prepayment penalty that violates the prohibition found in 15 U.S.C. 1650(e), as it may be amended or interpreted. A consumer may always cancel an EISA by making aggregate payments, excluding payments to fees, equal to the EISA payment cap. The consumer is entitled to this early completion regardless of whether the consumer makes this early completion payment by making regularly scheduled payments or by making a single lump-sum payment in the amount of the early completion payment. This Section shall create an early completion mechanism for EISAs that is in lieu of other State laws regarding prepayment penalties.
(Source: P.A. 104-383, eff. 8-15-25.) |