ILCS » Chapter 815 · Act 205
Illinois Compiled Statutes

815 ILCS 205/9 (2026)

Whenever, in any statute, act, deed, written or verbal, contract, or in any public or private instrument whatever, any certain rate of interest is or shall be mentioned, and no period of time is stated for which such rate is to be calculated, interest shall be calculated at the rate mentioned, by the year, in the same manner as if "per annum" or "by the year" had been added to the rate

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(815 ILCS 205/9) (from Ch. 17, par. 6417)
    Sec. 9. Whenever, in any statute, act, deed, written or verbal, contract, or in any public or private instrument whatever, any certain rate of interest is or shall be mentioned, and no period of time is stated for which such rate is to be calculated, interest shall be calculated at the rate mentioned, by the year, in the same manner as if "per annum" or "by the year" had been added to the rate.
(Source: Laws 1879, p. 184.)

    
Notes of Decisions
Cited in 3 cases, 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). · cites it 2× “¶ 11 Plaintiff admitted that the type of commercial loan at issue in this case was exempt from the usury provision (section 4 (815 ILCS 205/4 (West 2010)) of the Illinois Interest Act), but maintained that the Bank nevertheless violated section 9 and section 10 of the Illinois…”
Hubbard Street Lofts LLC v. Inland Bank, 963 N.E.2d 262 (Ill. App. Ct. 2011). “" 815 ILCS 205/9 (West 2010). Additionally, section 10 of the Interest Act States: "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…”
Hubbard Street Lofts v. Inland Bank, 2011 IL App (1st) 102640 (Ill. App. Ct. 2011). “” 815 ILCS 205/9 (West 2010). Additionally, section 10 of the Interest Act States: -5- “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…”
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