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U.S. Bank, N.A. v. Clark Document Center
Introduction

Welcome to the IDFPR Division of Banking and Real Estate U.S. Bank, N.A. v. Clark Document Center . U.S Bank, N.A. v. Clark, a case on appeal before the Supreme Court of Illinois, addresses Section 4.1a of the Illinois Interest Act. Section 4.1a states that there is a 3% limit on charges for making a loan that is secured by residential real estate and has an annual interest rate exceeding 8%. The decision of the Appellate Court of Illinois in the Clark case finds that this law remains in effect.

Judging by public comment and the volume of inquiries made of the Division of Banking and Real Estate, the Clark case is of keen interest to those involved residential mortgage lending. The Document Center collects key documents related to the case: the Clark court decisions and parties' pleadings; other cases addressing Section 4.1a of the Illinois Interest Act; Section 4.1a of the Illinois Interest Act; and Illinois legislation addressing Section 4.1a of the Illinois Interest Act. We intend to monitor the Illinois and U.S. courts for filings and decisions and the Illinois General Assembly for legislation relevant to the Clark case. We will post new documents in as timely manner as possible.

As stated, U.S. Bank, N.A., et al. v. Clark is pending before the Supreme Court of Illinois. The Supreme Court of Illinois is the ultimate Illinois authority on the meaning of Illinois laws. Therefore, the Division of Banking and Real Estate will await the Court's decision before opining or otherwise commenting on the Clark case and section 4.1a of the Interest Act.

On September 22, 2005, the Supreme Court of Illinois posted a decision in U.S. Bank N.A. et al. v Clark et al.  (Please note that the posted decision may be changed or withdrawn until the Supreme Court publishes the official copy of decision.)  The opinion reverses the judgment of the Appellate Court of Illinois .  A copy of the decision is posted in the Supreme Court Documents section of this Document Center .  In the event that a regulated entity has questions on how the decision affects its business, the Department believes that the best course of action is to seek advice of counsel.

We hope you find the information collected here helpful.

NOTE: Court documents listed in this section are in Adobe PDF format and may be quite large (up to 4 MB).

U.S. Bank, N.A. v. Clark Document Center
Introduction
Circuit Court Documents
Appellate Court Documents
Supreme Court Documents
Decisions on Section 4.1a of the Interest Act
Section 4.1a of the Interest Act (815 ILCS 205/4.1a)
Legislation on Section 4.1a of the Interest Act