In illinois- is there a mandatory interest rate charged on a contrac for deed? If not, what is the law that states this?

There isn't a mandatory interest rate ANYWHERE. Interest rates are a result of negotiation, not law. There may be maximums to stay within usury laws, but other than that, its between the buyer and seller.

Hello jenn:

There is no law anywhere in this country that mandates an interest rate between private parties, except when it's too high. Otherwise, these rates are negotiated between a buyer and seller.

excon