OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

SB 1118 - Business Loan Interest Rates - Illinois Key Vote

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Title: Business Loan Interest Rates

Vote Smart's Synopsis:

Vote to pass a bill that establishes the annual interest rate be based on 360 days for businesses.

Highlights:

-Establishes that a rate or amount of interest may be lawfully computed when applying the ratio of the annual interest rate over a year based on 360 days for (Sec. 5):

    -any loan made to a corporation; -any credit transaction between a merchandise wholesaler and retailer; or -any business loan to a business association or co-partnership or to a person owning and operating a business as joint ventures, joint tenants or tenants in common.

Full Bill Text

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