Illinois Service Agreement PDF
Illinois at a glance: Default Interest: 5% per year unless agreed in writing · Maximum Interest: 9% per year (815 ILCS 205/4) · Governing Law: Illinois Compiled Statutes Chapter 815
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Service Agreements in Illinois
Illinois service agreements must comply with Chapter 815 of the Illinois Compiled Statutes. Late invoice interest is subject to usury limits.
Illinois Service Agreement — Quick Reference
| Requirement | Illinois Rule |
|---|---|
| Default Interest | 5% per year unless agreed in writing |
| Maximum Interest | 9% per year (815 ILCS 205/4) |
| Governing Law | Illinois Compiled Statutes Chapter 815 |
Illinois Legal Requirements
- Any late interest charges above the 5% default rate must be written in the agreement.
Illinois Governing Laws
Read the full text of these laws at Cornell Law School's Illinois legal resources or your state legislature's official website.