Illinois § 7-55
Full text of Illinois Illinois Compiled Statutes § 7-55, with citation guidance and answers to common questions.
§ 7-55.
Limitation on acceleration. (a) EISA providers shall not attempt to accelerate or otherwise liquidate a future payment stream under an EISA. (b) Notwithstanding subsection (a), nothing in this Section shall prevent an EISA provider from collecting or pursuing any other remedy available to the EISA provider for the collection of amounts that were due from the consumer under an EISA that were not paid or properly remitted to the EISA provider. Nothing in this Section shall prevent an EISA provider from calculating a projected future income for a consumer and calculating a consumer's payment obligation using that projection if the consumer does not provide contractually obligated documentation of income. (c) Notwithstanding subsection (a), an EISA may contain a provision that allows a consumer to terminate the consumer's EISA before the events terminating further obligations under the EISA. The early termination mechanisms, such as total caps on payments due to the EISA provider or other rights to partially or fully terminate further obligations under the EISA, must be optional to the consumer and within the consumer's control. In such circumstances, such mechanisms shall not be deemed a form of acceleration. (Source: P.A. 104-383, eff. 8-15-25.)
Frequently Asked Questions About Illinois § 7-55
What does Illinois Compiled Statutes § 7-55 cover?
Section 7-55 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 § 7-55?
A common citation format is "Illinois Compiled Statutes § 7-55" (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 § 7-55 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.