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Code · Illinois · Chapter 765 — PROPERTY · Act 67

Sec. 60. Prepayment penalties prohibited.

47 words·~1 min read·/il/chapter-765/act-67/60

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Sec. 60. Prepayment penalties prohibited. The seller may not charge or collect a prepayment penalty or any similar fee or finance charge if the buyer elects to pay the outstanding principal balance of the purchase price under the contract before the scheduled payment date under the contract.
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