Illinois Compiled Statutes 815 ILCS 205/7 – The defense of usury shall not be allowed in any suit, unless the …
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 815 ILCS 205/7
- Contract: A legal written agreement that becomes binding when signed.
- Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
- Usury: Charging an illegally high interest rate on a loan. Source: OCC
The defense of usury shall not be allowed in any suit, unless the person relying upon such defense shall set up the same by plea, or file in the cause a notice in writing, stating that he intends to defend against the contract sued upon or set off, on the ground that the contract is usurious.