Illinois Compiled Statutes
205 ILCS 305/50 (2026)
Line of credit
✓ current as of May 2026
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(205 ILCS 305/50)
(from Ch. 17, par. 4451)
Sec. 50.
Line of credit.
(1) A credit union may grant a self-replenishing
line of credit to a member up to a stated maximum amount. The terms and
conditions upon which a line of credit is extended to any member may be
different from the terms and conditions established for another member.
Where a line of credit has been approved, no additional loan applications
are required as long as the total outstanding advances under the line of
credit do not exceed the maximum amount as stated in the line of credit
agreement.
(2) The term "line of credit" means a type of credit agreement including,
without limitation, a credit card agreement. Each line of credit advance
constitutes a loan, and provisions in this Act regarding loans are equally
applicable to lines of credit.
(Source: P.A. 90-222, eff. 7-25-97.)
Notes of Decisions
Cited in 2
cases, 1997–1997 · leading case: 38 Collier bankr.cas.2d 443, Bankr. L. Rep. P 77,446 in Re Cynthia Clark, Debtor-Appellee-Cross-Appellant v. Appeal of Chicago Mun. Employees Credit Union, Creditor-Appellant-Cross-Appellee, 119 F.3d 540 (7th Cir. 1997).
38 Collier bankr.cas.2d 443, Bankr. L. Rep. P 77,446 in Re Cynthia Clark, Debtor-Appellee-Cross-Appellant v. Appeal of Chicago Mun. Employees Credit Union, Creditor-Appellant-Cross-Appellee, 119 F.3d 540 (7th Cir. 1997). “In response to this reasoning, the Credit Union argues that 205 ILCS 305/50 implicitly recognizes that advances under lines of credit are loans.”
Clark v. Appeal of Chicago Mun. Employees Credit Union, 119 F.3d 540 (7th Cir. 1997). “In response to this reasoning, the Credit Union argues that 205 ILCS 305/50 implicitly recognizes that advances under lines of credit are loans.”
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