On June 14, 2024, the First District of the Illinois Appellate Court held that, in cases where a creditor does not have actual notice of their debtor fraudulently transferring real property, the statute of limitations under the Uniform Fraudulent Transfer Act (UFTA) accrues when the deed is recorded.
The Payday Loan Reform Act is amended by changing sections 2-10 and 2-15 of the Act. Section 2-10 is amended by changing the appropriate fee a lender may charge a borrower.
The Military Lending Act’s lending restrictions were expanded to include consumer credit card issuers, unsecured consumer lenders, and depository institutions. Some lenders were given until Oct. 3, 2018, to be fully compliant.
The Supreme Court of Illinois concluded that liens obtained by hospitals under the Health Care Services Lien Act (770 ILCS 23/1 et seq.) (the "Lien Act"), are not limited to or conditioned upon a finding or allocation for medical expenses for injuries sustained by a minor.
On June 28, 2016, the Second District of the Illinois Appellate Court held that borrowers could not receive a set-off against a deficiency judgment when the bank purchased their home at auction after a foreclosure and subsequently sold it for a higher amount.
The Department of Financial and Professional Regulation amended the Collection Agency Act. The amendments add definitions for the terms "collection agency," "consumer credit," and "consumer debt."
Q. The finance company sent my client the title to her truck, along with the contract stamped "paid in full." A year later they're saying they made a mistake. Can I hold them to their release?
On February 27, 2015, the Illinois Supreme Court held that a judgment in favor of an unlicensed debt collection agency is not void. A judgment is only void, the court noted, if it is entered without jurisdiction.
Contrary to longstanding practice, collection cases must now be filed in the Cook County municipal district court where the debtor lives or the contract was signed.
On September 10, 2014, the First District Appellate Court of Illinois upheld a foreclosure and sale even though the plaintiff agency was not registered under the Collection Agency Act, 225 ILCS 425/1 et seq., because the defendants failed to show the Act applied to the plaintiff.
A confession of judgment lets a creditor take a judgment without notice to the debtor. Here are strategies for representing commercial debtors facing these judgments.
The seventh circuit rules that borrowers can sue lenders for state law breach of contract and other claims related to a trial period plan payment agreement.
On February 26, 2013, the third district appellate court held that a judgment creditor must revive its judgment and file a memorandum of revived judgment within seven years from the date the original judgment was entered or previously revived.
Too often, lenders win mortgage-fraud judgments against defendants who turn out to be judgment proof. The solution? Ensure that mortgage brokers have adequate E&O coverage.
Most settlement agreements ignore an important risk - that the defendant will file for bankruptcy shortly after settlement. Here's how to protect plaintiffs.
The Code of Civil Procedure is amended by extending a debtor's exempt personal property to include some life insurance policies, endowment policies, and annuities if the proceeds are directed into a particular kind of trust. 735 ILCS 5/12-1001.
