ILCS » Chapter 815 · Act 205
Illinois Compiled Statutes

815 ILCS 205/8 (2026)

When any written contract, wherever payable, shall be made in this State, or between citizens or corporations of this State, or a citizen or a corporation of this State and a citizen or corporation of any other State, territory or country (or shall be secured by mortgage or trust deed on lands in this State), such contract may bear any rate of interest allowed by law to be taken or contracted for by persons or corporations in this State, or allowed by law on any contract for money due or owing in this State

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(815 ILCS 205/8) (from Ch. 17, par. 6416)
    Sec. 8. When any written contract, wherever payable, shall be made in this State, or between citizens or corporations of this State, or a citizen or a corporation of this State and a citizen or corporation of any other State, territory or country (or shall be secured by mortgage or trust deed on lands in this State), such contract may bear any rate of interest allowed by law to be taken or contracted for by persons or corporations in this State, or allowed by law on any contract for money due or owing in this State.
(Source: P.A. 82-660.)

    
Notes of Decisions
Cited in 2 cases, 1998–2015 · leading case: Jackson v. Payday Fin., LLC, 79 F. Supp. 3d 779 (N.D. Ill. 2015).
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Jackson v. Payday Fin., LLC, 79 F. Supp. 3d 779 (N.D. Ill. 2015). “815 ILCS 205/8 (emphasis added). The permissibility of charging “any rate of interest allowed by law” in a contract made by any individual of any state defeats the Defendants limited interpretation of the Illinois Interest Act.”
In Re Ent., Inc., 223 B.R. 141 (Bankr. N.D. Ill. 1998). “In light of the Superior Toy requirement that the debt- or provide the “benefit of the bargain,” an analysis of the “reasonableness” of the parties’ agreement is inappropriate.”
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.