In general, the answer is no. Under Illinois law, there are very few limitations on interest rates and fees charged by banks, whether on commercial or consumer loans.

Section 5e of the Illinois 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.” The Interest Act also 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.” In addition, it specifically authorizes the receipt of any compensation on a loan “secured by a mortgage on real estate.”

For resources related to our guidance, please see:

• Illinois Banking Act, 205 ILCS 5/5e (“Notwithstanding the provisions of any other law in connection with extensions of credit, a State bank may elect to contract for and receive interest, fees, and other charges for extensions of credit subject only to the provisions of subsection (1) of Section 4 of the Interest Act, except for extensions of credit secured by residential real estate, which shall be subject to the laws applicable thereto.”)

• Interest Act, 815 ILCS 205/4(1) (“It is lawful for a state bank . . . to receive or to contract to receive and collect interest and charges at any rate or rates agreed upon by the bank or branch and the borrower. . . . It is lawful to charge, contract for, and receive any rate or amount of interest or compensation with respect to the following transactions:  . . . (l) Loans secured by a mortgage on real estate . . . .”)