ILCS » Chapter 815 · Act 105
Illinois Compiled Statutes

815 ILCS 105/16 (2026)

In all computations of time, and of interest and discounts, a month shall be considered to mean a calendar month, and a year shall consist of twelve calendar months; and in computations of interest or discounts for any number of days less than a month, a day shall be considered a thirtieth part of a month and interest or discounts shall be computed for such fractional parts of a month upon the ratio which such number of days shall bear to thirty

✓ current as of May 2026
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(815 ILCS 105/16) (from Ch. 17, par. 617)
    Sec. 16. In all computations of time, and of interest and discounts, a month shall be considered to mean a calendar month, and a year shall consist of twelve calendar months; and in computations of interest or discounts for any number of days less than a month, a day shall be considered a thirtieth part of a month and interest or discounts shall be computed for such fractional parts of a month upon the ratio which such number of days shall bear to thirty.
(Source: Laws 1895, p. 262.)

Notes of Decisions
Cited in 1 case, 2011–2011 · leading case: Asset Exch. II. LLC v. First Choice Bank, 2011 IL App (1st) 103718 (Ill. App. Ct. 2011).
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Asset Exch. II. LLC v. First Choice Bank, 2011 IL App (1st) 103718 (Ill. App. Ct. 2011). “815 ILCS 105/16 (West 2010). -7- in the absence of such time period at every mention of interest rate, the interest rate must be calculated on a “per annum” or “by the year” basis.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.