Illinois § 80
Full text of Illinois Illinois Compiled Statutes § 80, with citation guidance and answers to common questions.
§ 80.
Late payment fee. A lender shall not transfer, deal in, offer, or make a high risk home loan that provides for a late payment fee, except under the following conditions: (1) the late payment fee shall not be in excess of 4% of the amount of the payment past due; (2) the late payment fee shall only be assessed for a payment past due for 15 days or more; (3) the late payment fee shall not be imposed more than once with respect to a single late payment; (4) a late payment fee that the lender has collected shall be reimbursed if the borrower presents proof of having made a timely payment; and (5) a lender shall treat each payment as posted on the same business day as it was received by the lender, servicer, or lender's agent or at the address provided to the borrower by the lender, servicer, or lender's agent for making payments. (Source: P.A. 97-849, eff. 1-10-14 (see Section 10 of P.A. 97-1159, 78 Fed. Reg. 6855, 6857, 78 Fed. Reg. 10695, 10696, and 78 Fed. Reg. 44685, 44686).)
Frequently Asked Questions About Illinois § 80
What does Illinois Compiled Statutes § 80 cover?
Section 80 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 § 80?
A common citation format is "Illinois Compiled Statutes § 80" (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 § 80 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.