Illinois Compiled Statutes 205 ILCS 675 — Illinois Financial Services Development Act.

This Act shall be known and may be cited as the "Illinois Financial Services Development Act"

This Act shall be known and may be cited as the "Illinois Financial Services Development Act". (Source: P.A. 85-1432.)

Findings and Declarations of Policy

Findings and Declarations of Policy. The General Assembly hereby finds, determines and declares: (a) That the economic strength of Illinois requires strong and effective financial institutions in Illinois; (b) That in order to cultivate the economic strength of the financial institutions in Illinois, it is necessary to…

As used in this Section: (a) "Financial institution" means any bank with its main office or, after May 31, 1997, a branch in this State, any state or federal savings and loan association or savings bank with its main office or branch in this State, any state or federal credit union with its main office in this State, a…

Notwithstanding the provisions of any other laws in connection with revolving credit plans, any financial institution may, subject to the other provisions of this Section 4 offer and extend credit under a revolving credit plan to a borrower and in connection therewith may charge and collect interest and other charges,…

A financial institution may charge and collect interest under a revolving credit plan on outstanding unpaid indebtedness in the borrower's account under the plan at such periodic percentage rate or rates as the agreement governing the plan provides or as established in the manner provided in the agreement governing the…

In addition to or in lieu of interest at a periodic rate or rates as provided in Section 5, and without limitation of the foregoing Section 4, a financial institution may, if the agreement governing the revolving credit plan so provides, charge and collect as interest, in such manner or form as the plan may provide, an…

(a) At or before the date a billing statement is first rendered to the borrower under a revolving credit plan, the financial institution must mail or deliver to the borrower a written description of the conditions under which a charge for interest may be made and the method, including the rate (expressed as an annual p…

Amendment of agreement governing revolving credit plans other than credit card accounts

Amendment of agreement governing revolving credit plans other than credit card accounts. (a) If the agreement governing a revolving credit plan other than a credit card account so provides or allows, a financial institution may at any time or from time to time amend the terms of such agreement in accordance with the fu…

Amendment of agreement governing credit card accounts

Amendment of agreement governing credit card accounts. (a) Amendment of terms. If the agreement governing a credit card account so provides or allows, then a financial institution may at any time or from time to time amend the terms of such agreement in accordance with the further provisions of this Section. The financ…

No writing or other agreement between a borrower and a financial institution may contain any provision which constitutes a waiver of any right conferred upon borrowers by this Act, or of any duty, condition or limitation imposed upon financial institutions by this Act. Nothing in this Section 9 prohibits, however, any…

A revolving credit plan between a financial institution and a borrower shall be governed by the laws of this State

A revolving credit plan between a financial institution and a borrower shall be governed by the laws of this State. All terms, conditions and other provisions of and relating to a plan, including, without limitation, provisions relating to the method of determining the outstanding unpaid indebtedness on which interest…

Any amendment of a revolving credit plan which violates the conditions or limitations of Section 8 of this Act shall not be enforceable, but such plan shall remain enforceable according to its original terms. Any borrower whose revolving credit plan has been unlawfully amended may recover by means of an action or defen…