720 ILCS 5/17-59 – Criminal Usury
This law makes it illegal to charge more than 20% interest on a loan.
This law says that it’s a crime to lend money or property and charge more than 20% interest each year. It also allows a jury to assume someone broke the law if they have records showing illegal loans, unless they are properly licensed to make certain kinds of loans.
(a) A person commits criminal usury when they knowingly make or agree to a loan, or delay collecting a loan, and charge or receive more than 20% interest per year, either before or after the loan is due.
(b) If someone has records or notes showing high-interest loans in their possession, either directly or indirectly, the judge or jury may assume that person broke the law described in part (a).
(c) Sentence: Criminal usury is a Class 4 felony.
(d) This law does not apply to people or companies that are licensed to make certain types of loans under other Illinois laws.
Contact us online or call (314) 900-HELP to talk with a Southern Illinois criminal defense lawyer.
