Illinois § 7-15
Full text of Illinois Illinois Compiled Statutes § 7-15, with citation guidance and answers to common questions.
§ 7-15.
Maximum effective annual percentage rate. An EISA must specify that the maximum amount that a consumer could be required to pay under the EISA will not result in a consumer ever being required to pay an effective annual percentage rate that is greater than 9% or the high yield of the 10-year United States Constant Maturity Treasury Notes auctioned at the final auction held before the current calendar year in which the EISA is originated plus 6%, whichever is greater. If at any time the EISA provider accepts a payment of an amount that would cause the limit in this Section to apply, the EISA provider shall, within 20 calendar days, refund any amounts necessary to ensure that the consumer's payments do not result in an effective annual percentage rate that is greater than the limit specified in this Section. (Source: P.A. 104-383, eff. 8-15-25.)
Frequently Asked Questions About Illinois § 7-15
What does Illinois Compiled Statutes § 7-15 cover?
Section 7-15 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 7-15?
A common citation format is "Illinois Compiled Statutes § 7-15" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 7-15 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.