U.S. Bank National Ass'n v. Clark

Docket No. 98379–Agenda 10–May 2005.

U.S. BANK NATIONAL ASSOCIATION et al ., Appellants, v. MICHAEL CLARK et al ., Appellees (The State of Illinois, Intervening Appellee).

Opinion filed September 22, 2005.

In this appeal, we consider whether the 3% limitation on lender charges for mortgages with interest rates of more than 8% found in section 4.1a of the Illinois Interest Act (815 ILCS 205/4.1a (West 2002)) is enforceable or is preempted by a prohibition on such caps in the federal Depository Institutions Deregulation and Monetary Control Act of 1980 (12 U.S.C. §1735f–7a (2000)). In separate…