Ill. Admin. Code tit. 38, § 330.20 – Renewals of Loans or Extensions of Credit | Midpage
§ 330.20
Ill. Admin. Code tit. 38, § 330.20
Renewals of Loans or Extensions of Credit
AUTHORITY: Implementing Section 32 and authorized by Section 48(6) of the Illinois Banking Act [205 ILCS 5/32 and 48(6)] and Section 6013 and Section 9002 of the Savings Bank Act [205 ILCS 205/6013 and 9002].DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
A renewal of a loan or extension of credit shall not be deemed to be a new loan or extension of credit except in instances when interest on the renewed loan or extension of credit is capitalized.