U.S. BANK NATIONAL ASSOCIATION et al., Appellants,
v.
Michael CLARK et al., Appellees (The State of Illinois, Intervening Appellee).
Supreme Court of Illinois.https://leagle.com/images/logo.png
September 22, 2005.
September 22, 2005.
Attorney(s) appearing for the Case
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.
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.
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.
Supreme Court of Illinois.
Justice KILBRIDE delivered the opinion of the court:
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 foreclosure actions...
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