Illinois Compiled Statutes 205 ILCS 670/16b – No real estate security in certain cases
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Terms Used In Illinois Compiled Statutes 205 ILCS 670/16b
- Lien: A claim against real or personal property in satisfaction of a debt.
For loans with an original principal amount of $3,000 or less, a licensee shall not take any security interest in real estate, except such lien as results from obtaining a judgment.