Illinois Compiled Statutes 815 ILCS 405/31 – (a) Any person who knowingly violates this Act is guilty of a Class A misdemeanor
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Terms Used In Illinois Compiled Statutes 815 ILCS 405/31
- Contract: A legal written agreement that becomes binding when signed.
- Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
(b) No person who violates this Act, except as a result of an accident or bona fide error of computation, may recover any finance charge, any delinquency or collection charge or any refinance charge in connection with the related retail installment contract or retail charge agreement.