In general, the answer is no. Under Illinois law, there are very few limitations on fees that banks can charge, whether on commercial or consumer loans. Section 5e of the Banking Act states that “[n]otwithstanding the provisions of any other law in connection with extensions of credit” banks may charge any “interest, fees, and other charges . . . subject only to the provisions of [subsection 4(1)] of the Interest Act” and subject to any laws applicable to “credit secured by residential real estate.” (Emphasis in bold added.) The only provisos are that the customer must agree to the charges and the bank must set its fees using its “prudent business judgment and safe and sound operating standards.” 205 ILCS 5/5e. While the Banking Act does refer to the Interest Act (subsection (4)(1)), that law also allows banks to charge any interest rate that a customer agrees to pay — it authorizes banks “to receive or contract to receive and collect interest and charges at any rate or rates agreed upon by the bank or branch and the borrower.” 815 ILCS 205/4(1).

There are some restrictions on interest rates that banks may charge in certain situations (namely, litigation and bankruptcies). For example, if a bank sues a debtor and obtains a judgment, the Illinois Code of Civil Procedure limits the interest rate charged after judgment to nine-percent. 735 ILCS 5/2-1303. The federal Code of Civil Procedure also limits interest that can be charged post-judgment, and bankruptcy courts require that the interest rate banks charge after the debtor defaults be “reasonable.” 28 USC 196111 USC 506(b).