Illinois Lowers Post-Judgment Interest Rates on Consumer Debts

Legislation in effect next year follows trends in other states to lower interest rates, including Washington.

8/9/2019 7:00 AM

StateNews
Illinois Lowers Post-Judgment Interest Rates on Consumer Debts

Legislation unanimously passed in the Illinois assembly and signed by Gov. JB Pritzker lowers post-judgment interest rates for consumer debts from 9% to 5%.

The bipartisan law, the Consumer Fairness Act (H.B. 88), applies to all consumer debt judgments entered into after the effective date of this amendment according to the bill. The amendment takes effect Jan. 1, 2020, and the interest rates apply to judgments after that date.

It applies to “Consumer Debt Judgments” as that term is defined by the bill under $25,000, and limits revivals of certain judgments.

For example, a consumer debt judgment may be revived by filing a petition no later than 10 years after its entry and by serving the petition and entering a court order.

Members will want to review ACA SearchPoint #2015, Interest Rates for more information.

Related Content from ACA International:

Washington State Lowers Interest Rates on Judgments


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

Illinois Lowers Post-Judgment Interest Rates on Consumer Debts

Legislation unanimously passed in the Illinois assembly and signed by Gov. JB Pritzker lowers post-judgment interest rates for consumer debts from 9% to 5%.

The bipartisan law, the Consumer Fairness Act (H.B. 88), applies to all consumer debt judgments entered into after the effective date of this amendment according to the bill. The amendment takes effect Jan. 1, 2020, and the interest rates apply to judgments after that date.

It applies to “Consumer Debt Judgments” as that term is defined by the bill under $25,000, and limits revivals of certain judgments.

For example, a consumer debt judgment may be revived by filing a petition no later than 10 years after its entry and by serving the petition and entering a court order.

Members will want to review ACA SearchPoint #2015, Interest Rates for more information.

Related Content from ACA International:

Washington State Lowers Interest Rates on Judgments


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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