Legal Question in Civil Litigation in Illinois

I (the lender) entered into an unsecured promissory note/contract with a borrower (individual ) and, unknowingly set a usurious interest rate at 30% (to be paid over 1 year), when the usury rate in Illinois is 9%. I am still on good terms with the borrower but he has failed to make payments and I'm afraid if I sue for breach of contract, I, in return, can be charged with setting a usurious rate. Is it too late to go back and revise the original loan's interest to 9% (and have the borrower resign) in order to legally protect myself? Thank you for your time and response!

Asked on 10/14/13, 5:25 pm

1 Answer from Attorneys

Zedrick Braden III Ainsworth & Associates PC

Hello. Before taking any action, you should hire an attorney. This could be a very tricky situation and getting professional help here will be your best option.

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Answered on 11/11/13, 9:40 pm

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