IL · SERVICE-AGMT · Updated July 2026 · Free
Illinois Service Agreement
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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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Overview
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.
Key Facts
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 |
Legal Requirements
Illinois Legal Requirements
- Any late interest charges above the 5% default rate must be written in the agreement.
Governing Laws
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.
Questions & Answers
Illinois Service Agreement — Frequently Asked Questions
Are business-to-business contracts subject to the 9% usury cap in Illinois?
Generally, B2B commercial agreements are exempt from the 9% limit under the business loan exemption.