Sec. 2-25. Right to cancel future payment obligations.
97 words·~1 min read·
/il/chapter-815/act-122/2-25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 2-25. Right to cancel future payment obligations. A consumer may cancel future payment obligations on a payday loan, without cost or finance charges, no later than the end of the second business day immediately following the day on which the payday loan agreement was executed. To cancel future payment obligations on a payday loan, the consumer must inform the lender in writing that the consumer wants to cancel the future payment obligations on the payday loan and must return the uncashed proceeds, check or cash, in an amount equal to the principal amount of the loan.