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Does Illinois have a minimum interest rate that must be charged on a loan secured by a CD? – IBA Compliance Connection

IBA Compliance Connection

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Does Illinois have a minimum interest rate that must be charged on a loan secured by a CD?

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No, Illinois does not set a minimum rate spread for loans secured by certificates of deposit (CDs). Former Regulation Q set minimum rate spreads for such loans, but the Federal Reserve Board rescinded that requirement in 1986, and we are not aware of any similar requirements under Illinois law.