Legal Question in Banking Law in Illinois
Charging interest without a loan agreement
Can an entity charge interest on an account with out there being a promissory note or loan agreement signed and in place?
Asked on 9/03/07, 9:43 am
1 Answer from Attorneys
Joseph Michelotti
Michelotti & Associates, Ltd.
Re: Charging interest without a loan agreement
no you have to agree to pay interest
email me if you have any other questions.
Answered on 9/03/07, 11:39 am
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