ILCS » Chapter 815 · Act 205
Illinois Compiled Statutes

815 ILCS 205/1 (2026)

The rate of interest upon the loan or forbearance of any money, goods or thing in action, shall be five dollars ($5) upon one hundred dollars ($100) for one year, and after that rate for a greater or less sum, or for a longer or shorter time, except as herein provided

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(815 ILCS 205/1) (from Ch. 17, par. 6401)
    Sec. 1. The rate of interest upon the loan or forbearance of any money, goods or thing in action, shall be five dollars ($5) upon one hundred dollars ($100) for one year, and after that rate for a greater or less sum, or for a longer or shorter time, except as herein provided.
(Source: Laws 1891, p. 149.)

    
Notes of Decisions
Cited in 26 cases, 1996–2019 · leading case: Thomas P. Davis & Cathy M. Davis v. G.N. Mortg. Corp. & Countrywide Home Loans, Inc., 396 F.3d 869 (7th Cir. 2005).
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Thomas P. Davis & Cathy M. Davis v. G.N. Mortg. Corp. & Countrywide Home Loans, Inc., 396 F.3d 869 (7th Cir. 2005). · cites it 3× “The Davises objected to the penalty and filed a diversity suit against GN and Countrywide, alleging that -the prepayment penalty agreement was fraudulently obtained, that enforcement of the penalty constituted a breach of contract and that the penalty violated the Illinois…”
Rubino v. Circuit City Stores, Inc., 758 N.E.2d 1 (Ill. App. Ct. 1st Dist. 2001). · cites it 4× “(West 1998) (Retail Installment Sales Act); 815 ILCS 205/1 et seq. (West 1998) (Interest Act); 815 ILCS 140/1 et *6 seq.”
QuickClick Loans, LLC v. Russell, 943 N.E.2d 166 (Ill. App. Ct. 1st Dist. 2011). · cites it 2× “(West 2008)), and the Illinois Interest Act (815 ILCS 205/1 et seq. (West 2008)). QuickClick then filed a motion to compel arbitration and stay proceedings, which the circuit court denied.”
Farnik v. Fed. Deposit Ins., 707 F.3d 717 (7th Cir. 2013). “The complaint states causes of action for violations of the Illinois Interest Act, 815 ILCS 205/1 et seq., and the Illinois Consumer Fraud and Deceptive Practices Act, 815 ILCS 505/1 et seq.”
Weatherman v. Gary-Wheaton Bank of Fox Valley, N.A., 676 N.E.2d 206 (Ill. App. Ct. 1st Dist. 1996). · cites it 2× “§ 1735f-7a(a)(1) (West 1989)) preempts the Consumer Fraud Act; and (4) the Illinois Interest Act (815 ILCS 205/1 et seq. (West 1992)) rather than the Consumer Fraud Act governs a lender's right to charge a borrower a mortgage assignment recording fee.”
Jacqueline Goldberg v. 401 N. Wabash Venture, L.L.C., 755 F.3d 456 (7th Cir. 2014). “815 ILCS 205/1, 205/2. A pretrial “itemization of damages” that the plaintiff filed in the district court requested an interest rate of between 3 and 6 percent, which is broadly consistent with the default rate.”
RBS Citizens, Nat'l Ass'n v. RTG-Oak Lawn, LLC, 943 N.E.2d 198 (Ill. App. Ct. 1st Dist. 2011). “In response, defendants filed an answer, which also contained the affirmative defenses and counterclaims at issue here based on alleged violations of the Interest Act (815 ILCS 205/1 et seq. (West 2006)), the duty of good faith and fair dealing, the Consumer Fraud and Deceptive…”
Asset Acceptance, LLC v. Tyler, 2012 IL App (1st) 093559, 966 N.E.2d 1039. “(West 2008)), (3) the Illinois Interest Act (815 ILCS 205/1 et seq. (West 2008)), and (4) the Consumer Fraud and Deceptive Practices Act (815 ILCS 505/1 et seq.”
Freer v. Beetler (In Re Beetler), 368 B.R. 720 (Bankr. C.D. Ill. 2007). “Under 815 ILCS 205/1, a creditor is entitled to such interest upon the "forbearance" of any money due.”
Akinyemi v. JP Morgan Chase Bank, N.A., 908 N.E.2d 163 (Ill. App. Ct. 1st Dist. 2009). “815 ILCS 205/1 (West 2006). Plaintiff states in his brief on appeal that he “does not claim that he is entitled to interest accrued under the terms of his checking account,” but that he is entitled to prejudgment and postjudgment interest since he would not have left the $100…”
Gentleman v. Massachusetts Higher Educ. Assistance Corp., 272 F. Supp. 3d 1054 (N.D. Ill. 2017). “a claim against all of the defendants for defamation under Illinois law; Count IV alleges that ASA, GRS, and Delta violated the Illinois Consumer Fraud and Deceptive Practices Act (ICFA), 815 ILCS 505/1 et seq.”
Settlers' Hous. Serv., Inc. v. Schaumburg Bank & Trust Co. (In re Settlers' Hous. Serv., Inc.), 568 B.R. 40 (Bankr. N.D. Ill. 2017). “The complaint there set forth claims “for violations of the Illinois Interest Act, 815 ILCS 205/1 et seq., and the Illinois Consumer Fraud and Deceptive Practices Act, 815 ILCS 505/1 et seq.”
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