Legal Question in Business Law in Illinois
Finance Charges
I have a concrete service, my question concerns a concrete supplier that we use. I need to find out if their finance charges are legal, in this past year we have paid them over $3000.00 on a $6000.00 bill they have charged me over $1500.00 in finance charges. Is this legal?
2 Answers from Attorneys
Re: Finance Charges
It would be difficult, if not impossible, to offer an opinion on the subject w/out a review of your contract and applicable law.
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-- Kenneth J. Ashman; www.AshmanLawOffices.com; [email protected]
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Re: Finance Charges
With the amounts that they charge, the rates may approach or actually be usurious under state law. It would be a lot cheaper to go to a bank and get a line of credit to pay your bills. Check with the Illinois State Attorney's Office to see if charges can be brought for the exceedingly high interest rate.
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