Lanier v. Associates Finance, Inc.

PRESIDING JUSTICE STAMOS

delivered the opinion of the court:

This is an appeal from the dismissal of a class action complaint filed by plaintiff Alma J. Lanier resulting from her prepayment in September 1983 of an August 24, 1981, loan made to her by defendant Associates Finance, Inc. The loan, secured by a mortgage on plaintiff’s home, was to be paid over a 10-year period at an annual percentage rate of 21.59%. The loan agreement contained the following provision:

“This Loan Agreement may at the option of the Borrower(s) be paid in whole or in part prior to the last payment date. If Borrower(s)…