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Wednesday, April 23, 2025

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No billing statements? No collection

CHICAGO — A federal court in Illinois declined to dismiss Fair Debt Collection Practices Act and Illinois consumer fraud claims brought by a homeowner who says a loan servicer tried to collect more than $136,000 in interest and charges on a dormant home equity line of credit after 15 years without sending billing statements. Illinois law plausibly bars collection of interest on revolving credit accounts unless lenders send regular billing statements.

Read the ruling here.

Categories / Briefs, Consumers, Financial

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