Huss v. Maras

Whether unpaid purchase money due under a real estate installment contract is a “loan” with interest governed by the usury statute, and if so, whether the “business loan” exception applies (Ill. Rev. Stat. 1975, ch. 74, par. 4(c)), are the issues in this appeal.

The plaintiff Julia Huss, the purchaser, filed a complaint to recover double the amount of interest paid as a penalty pursuant to the usury statute (ch. 74, par. 6), setting forth the installment contract evidencing the purchase of an apartment building, alleging that the interest which plaintiff had paid amounted to more than 8% per…