Illinois Code § 7-80
Illinois Code § 7-80. Reproduced from the official Illinois Compiled Statutes, with a citation summary, verification link, and related provisions.
§ 7-80.
Early completion. An EISA shall specify the terms and conditions by which the consumer may extinguish the consumer's obligations under the EISA before the end of the EISA's duration. An EISA must not include a prepayment penalty that violates the prohibition found in 15 U.S.C. 1650(e), as it may be amended or interpreted. A consumer may always cancel an EISA by making aggregate payments, excluding payments to fees, equal to the EISA payment cap. The consumer is entitled to this early completion regardless of whether the consumer makes this early completion payment by making regularly scheduled payments or by making a single lump-sum payment in the amount of the early completion payment. This Section shall create an early completion mechanism for EISAs that is in lieu of other State laws regarding prepayment penalties. (Source: P.A. 104-383, eff. 8-15-25.)
Source: official Illinois text · Last verified 2026-08-27
At a glance
- Citation: Illinois Compiled Statutes § 7-80
- Jurisdiction: Illinois
- Code: Illinois Compiled Statutes
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Illinois Compiled Statutes. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Illinois attorney.
Common questions
What is the source of Illinois Compiled Statutes § 7-80?
The text above is transcribed from the Illinois Compiled Statutes, the codified statutes of Illinois. The official publisher link appears under "Verify the text" on this page.
What subject does Illinois Compiled Statutes § 7-80 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Illinois Compiled Statutes § 7-80 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Illinois source before relying on this text.
Can this page be used as legal advice?
No. This is a reference transcription for research. Applying Illinois law to your facts requires a licensed Illinois attorney who can review the specifics.