Ill. Admin. Code tit. 38, pt. 216, app A

Current through Register Vol. 48, No. 44, November 1, 2024
Appendix A - Disclosure of 36% Rate Cap

DISCLOSURE OF 36% RATE CAP

A retailer shall not contract for or receive charges exceeding a 36% annual percentage rate on the unpaid balance of the amount financed for a retail installment contract, as calculated under the Illinois Predatory Loan Prevention Act (PLPA APR)

Any retail installment contract with a PLPA APR over 36% is null and void, such that no person or entity shall have any right to collect, attempt to collect, receive, or retain any principal, fee, interest, or charges related to the retail installment contract.

The annual percentage rate disclosed in any retail installment contract may be lower than the PLPA APR.

______________________

Borrower Signature

______________________

Co-Borrower Signature (If Applicable)

Ill. Admin. Code tit. 38, pt. 216, app A

Added at 46 Ill. Reg. 6575, effective 8/1/2022.