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
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.
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