Supreme Court of Illinois

In separate foreclosure actions, defendants' counterclaims and affirmative defenses based on section 4.1a of the Illinois Interest Act are dismissed where section 4.1a's limitation on lender charges was implicitly repealed by the legislature's 1981 amendment of section 4 and federal preemption by section 501 of the federal Depository Institutions Deregulation and Monetary Control Act of 1980 has not been overcome.

Appellate Information

• Decided 09/22/2005
• Published 09/22/2005

Judges

• Justice KILBRIDE delivered the opinion of the court:

Court

• Supreme Court of Illinois

Counsel

• For Appellant:
  
• Samuel H. Levine, of Arnstein & Lehr, L.L.P., Chicago, for appellants U.S. Bank National Association and Aames Funding Corporation., Dianne E. Rist, Joseph P. Lombardo, S. Todd Sipe, of Chapman & Cutler, L.L.P., Chicago, for appellant Bank of New York, as Trustee., Jill D. Rein, of Pierce & Associates, P.C., Chicago, for appellant Bankers Trust Company., Craig A. Varga, Joshua D. Davidson, of Varga, Berger, Ledsky, Hayes & Casey, and Joseph A. Spiegler, Lester G. Bovia, Jr., Amy L. Flaherty, of Winston & Strawn L.L.P., Chicago, and Steven F. Molo, of Shearman & Shearman, L.L.P., New York, New York, for appellant Bankers Trust Company, as Trustee., Craig A. Varga, Joshua D. Davidson, of Varga, Berger, Ledsky, Hayes & Casey, Chicago, for appellant Eastern Savings Bank, FSB., James V. Noonan, Mitchell A. Lieberman, of Noonan & Lieberman, Samuel H. Levine, of Arnstein & Lehr, Chicago, for appellant EquiCredit Corporation of America., Alyssa M. Campbell, Steven J. Roeder, of Williams, Montgomery & John, Ltd., Chicago, for appellant IMC Mortgage Company., Jeffrey D. Warren, Danielle J. Szukala, of Burke, Warren, MacKay & Serritella, P.C., Chicago, for amici curiae Illinois Mortgage Bankers Association and Illinois Association of Mortgage Brokers., Howard L. Teplinsky, of Ottenheimer, Teplinsky & Rosenbloom, L.L.C., Buffalo Grove (Thomas M. Hefferon, David L. Permut, of Goodwin Procter, L.L.P., and Joseph M. Kolar, of Buckley Kolar, L.L.P., Washington, D.C., of counsel), for amici curiae American Financial Services Association and Consumer Mortgage Coalition., Steven Stern, Chicago, for amici curiae Woodstock Institute et al.


• For Appellees:
  
• Thomas R. Meites, Michael M. Mulder, Jamie S. Franklin, of Meites, Mulder, Burger & Mollica, Stephen Stern, Sharon K. Legenza, Dory M. Rand, John Bouman, Daniel P. Lindsey, James Brady, Chicago, for appellees., Lisa Madigan, Attorney General, Springfield (Gary Feinerman, Solicitor General, Mary E. Welsh, Assistant Attorney General, Chicago, of counsel), for intervenor-appellee State of Illinois.