Ortegel v. ITT Thorp Corp.

Plaintiffs, Fred and Lucille Ortegel, appeal from an order of the circuit court which denied their motion for summary judgment and granted summary judgment in favor of defendant, ITT Thorp Corporation, on its cross-motion. The sole issue on appeal is whether the Illinois Interest Act (Ill. Rev. Stat. 1989, ch. 17, par. 6401 et seq.) prohibits loan charges from being computed on the basis of the “Rule of 78’s” when the loan is a residential real estate mortgage in excess of $25,000. We affirm.

Plaintiffs filed a complaint in the circuit court based on a note executed by plaintiffs on December…