Illinois HB 4302: SENIORS/DISABLD DRUGS-HIV/AIDS

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB4302

Introduced 1/14/2026, by Rep. Daniel Didech 

SYNOPSIS AS INTRODUCED:

815 ILCS 205/4 from Ch. 17, par. 6404

 Amends the Interest Act. Provides that, whenever the rate of interest exceeds an annual percentage rate of 8% on any written contract, agreement or bond for deed providing for the installment purchase of residential real estate made primarily for personal, family, or household purposes (rather than for the installment purchase of residential real estate), or on any loan secured by a mortgage on residential real estate made primarily for personal, family, or household purposes (rather than on any loan secured by a mortgage on residential real estate), it shall be unlawful to provide for a prepayment penalty or other charge for prepayment.

LRB104 16297 SPS 29682 b

A BILL FOR

HB4302LRB104 16297 SPS 29682 b

1 AN ACT concerning business.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Interest Act is amended by changing Section 

54 as follows:

6 (815 ILCS 205/4) (from Ch. 17, par. 6404)

7 Sec. 4. General interest rate. 

8 (1) Except as otherwise provided in Section 4.05, in all 

9written contracts it shall be lawful for the parties to 

10stipulate or agree that an annual percentage rate of 9%, or any 

11less sum, shall be taken and paid upon every $100 of money 

12loaned or in any manner due and owing from any person to any 

13other person or corporation in this state, and after that rate 

14for a greater or less sum, or for a longer or shorter time, 

15except as herein provided.

16 The maximum rate of interest that may lawfully be 

17contracted for is determined by the law applicab