Koos v. First National Bank of Peoria, Illinois

DECISION AND ORDER

ROBERT D. MORGAN, Chief Judge.

Plaintiff borrowers filed a complaint and purported class action on behalf of themselves and all persons similarly situated against defendant lender for recovery of double the interest paid on loans upon which interest allegedly was charged in excess of the rate permitted by law. Upon motion to dismiss, based upon a statutory exception to the Illinois usury statute, this court dismissed the complaint, granting leave to amend. Plaintiffs having filed an amended complaint, defendant again moves to dismiss, raising the same statutory exception to…