Topic: Usury Laws
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We got a warning from LaserPro stating that we cannot charge an insufficient funds (NSF) fee of more than $25 for bounced loan payments, but would this apply to mortgage loans?
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We do not believe that there are any restrictions on charging fees for a loan secured by a mortgage on real estate, provided that the customer contracted to pay such fees in your loan agreement. Section 4(1) of the Illinois Interest Act states that “it is lawful to charge, contract for, and receive any rate…