» Consumer Law

Are commercial loans covered under the Truth in Lending Act (“TILA”)?


I took out a short-term business loan in Illinois for my business and the interest rate is very high, are there any limits on how much they can charge?

Not on a business loan in Illinois.

I personally guaranteed many business loans my Illinois business took out. I think the companies are violating the Fair Debt Collection Practices Act (“FDCPA”) in trying to collect from me. Is there anything you can do?

Unfortunately, not under the FDCPA. The FDCPA protects consumers from unlawful debt collection practices for consumer debt. Collection of business debt is not covered by the FDCPA. There may be other things we can do, but not under the FDCPA.

Do I need an attorney in Illinois to dispute incorrect information on my credit report under the Fair Credit Reporting Act (“FCRA”)?

No, you do not need an attorney to dispute incorrect information. If you obtain your credit report on-line, the dispute process is actually quite simple and can be done right away through the credit reporting agency website.

Do I have three days after buying a car in Illinois to cancel the contract and return it with no penalty?

No, absolutely not. There is no Three-Day-Right-Cancel an auto contract law in Illinois.

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