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CURRIE v. DIAMOND MORTG. CORP. OF ILLINOIS

No. 88-1182.

859 F.2d 1538 (1988)

Vadis CURRIE, Gregory Dollison and Brenda Seay, individually and on behalf of a class, Plaintiffs-Appellants, v. DIAMOND MORTGAGE CORPORATION OF ILLINOIS, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided October 19, 1988.

Attorney(s) appearing for the Case

Ralph W. Miller, Jr., Oak Brook, Ill., for plaintiffs-appellants.

Ronald R. Peterson, Jenner & Block, Chicago, Ill., for defendants-appellees.

Before CUMMINGS, POSNER and MANION, Circuit Judges.

CUMMINGS, Circuit Judge.

Plaintiffs commenced this action in the Bankruptcy Court for the Northern District of Illinois alleging that defendant Diamond Mortgage Corporation of Illinois ("Diamond") had violated Section 4.1a of the Illinois General Interest Statute ("GIS"), Ill.Rev.Stat. (1985), ch. 17, ¶ 6406, which prohibits lenders from imposing specified charges in excess of 3% of the loan principal on residential mortgages bearing an interest rate in excess...

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