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

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Borrower Signature

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Co-Borrower Signature (If Applicable)

Notes

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

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