§ 6. If any person or corporation knowingly contracts for or receives, directly or indirectly,
by any device, subterfuge or other means, unlawful interest, discount or charges for
or in connection with any loan of money, the obligor may, recover by means of an action
or defense an amount equal to twice the total of all interest, discount and charges
determined by the loan contract or paid by the obligor, whichever is greater, plus
such reasonable attorney's fees and court costs as may be assessed by a court against
the lender. The payments due and to become due including all interest, discount and charges
included therein under the terms of the loan contract, shall be reduced by the amount
which the obligor is thus entitled to recover. Recovery by means of a defense may be had at any time after the loan is transacted. Recovery by means of an action may be had at any time after the loan is transacted
and prior to the expiration of 2 years after the earlier of (1) the date of the last
scheduled payment of the loan after giving effect to all renewals or extensions thereof,
if any, or (2) the date on which the total amount due under the terms of the loan
contract is fully paid. A bona fide error in connection with a loan shall not be a violation under this
section if the lender corrects the error within a reasonable time.
No person shall be liable under this Act for any act done or omitted in good faith
in conformity with any rule, regulation, interpretation, or opinion issued by the
Commissioner of Banks and Real Estate or the Department of Financial Institutions
or any other department or agency of the State, notwithstanding that after such act
or omission has occurred, such rule, regulation, interpretation, or opinion is amended,
rescinded, or determined by judicial or other authority to be invalid for any reason.
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