Article 39 - Criminal Usury
(720 ILCS 5/Art. 39 heading) ARTICLE 39. CRIMINAL USURY
(720 ILCS 5/39‑1) (from Ch. 38, par. 39‑1)
Sec. 39‑1. Criminal Usury.
(a) Any person commits criminal usury when, in exchange for either a loan of money or other property or forbearance from the collection of such a loan, he knowingly contracts for or receives from an individual, directly or indirectly, interest, discount or other consideration at a rate greater than 20% per annum either before or after the maturity of the loan.
(b) When a person has in his personal or constructive possession records, memoranda, or other documentary record of usurious loans it shall be prima facie evidence that he has violated Subsection 39‑1(a) hereof.
(Source: P.A. 76‑1879.) |
(720 ILCS 5/39‑2) (from Ch. 38, par. 39‑2)
Sec. 39‑2. Sentence.
Criminal usury is a Class 4 felony.
(Source: P. A. 77‑2638.) |
(720 ILCS 5/39‑3) (from Ch. 38, par. 39‑3)
Sec. 39‑3. Non‑application to licensed persons. This Article does not apply to any loan authorized to be made by any person licensed under the Consumer Installment Loan Act, approved August 30, 1963, as heretofore or hereafter amended, or to any loan permitted by Sections 4, 4.2 and 4a of "An Act in relation to the rate of interest and other charges in connection with sales on credit and the lending of money", approved May 24, 1879, as heretofore or hereafter amended, or by any other law of this State.
(Source: P.A. 84‑1004.) |