92nd General Assembly
Status of SB2125
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 Full Text  Bill Summary

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

        Amends  the  Interest  Act.  Deletes  language   providing   that      
   creditors  are allowed to receive interest at the rate of 5% per annum      
   under specified circumstances. Also deletes language  providing  that,      
   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 on behalf of a creditor. Inserts language providing that  the      
   rate  of  prejudgment interest is 5% per year unless agreed otherwise,      
   specifying  the  manner  of  computing   prejudgment   interest,   and      
   specifying   circumstances   under   which   prejudgment  interest  is      
   recoverable. Applies to all causes of action accruing on or after  the      
   date it becomes law.                                                        
   FEB-07-2002  S  FIRST READING                                                  
   FEB-07-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary