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Code · Illinois · Chapter 205 — FINANCIAL REGULATION · Act 305

Sec. 68. Interest, fines, not usurious-shares and loans not to be taxed.

87 words·~1 min read·/il/chapter-205/act-305/68

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Sec. 68. Interest, fines, not usurious-shares and loans not to be taxed. Reasonable fines may be levied as provided in the bylaws of each credit union and may be deducted from the share balance or added to the loan balance of a member upon whom a fine is levied. Interest or fines that may accrue to a credit union are not usurious and they may be collected under the law of this State. The shares and loans provided for in this Act are not subject to taxation.
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