{ "id": 3827828, "name": "U.S. BANK NATIONAL ASSOCIATION et al., Appellants, v. MICHAEL CLARK et al., Appellees (The State of Illinois, Intervening Appellee)", "name_abbreviation": "U.S. Bank National Ass'n v. Clark", "decision_date": "2005-09-22", "docket_number": "No. 98379", "first_page": "334", "last_page": "357", "citations": [ { "type": "official", "cite": "216 Ill. 2d 334" } ], "court": { "name_abbreviation": "Ill.", "id": 8772, "name": "Illinois Supreme Court" }, "jurisdiction": { "id": 29, "name_long": "Illinois", "name": "Ill." }, "cites_to": [ { "cite": "38 Ill. 2d 31", "category": "reporters:state", "reporter": "Ill. 2d", "case_ids": [ 2860497 ], "year": 1967, "pin_cites": [ { "page": "34" } ], "opinion_index": 0, "case_paths": [ "/ill-2d/38/0031-01" ] }, { "cite": "61 B.R. 145", "category": "reporters:specialty", "reporter": "B.R.", "case_ids": [ 6099208 ], "year": 1986, "pin_cites": [ { "parenthetical": "rejecting the argument that section 501 did not apply to nonpurchase money loans" } ], "opinion_index": 0, "case_paths": [ "/br/61/0145-01" ] }, { "cite": "898 F.2d 896", "category": "reporters:federal", "reporter": "F.2d", "case_ids": [ 10537770 ], "year": 1989, "pin_cites": [ { "parenthetical": "concluding that DIDMCA applies to all first mortgages, not just purchase money mortgages" } ], "opinion_index": 0, "case_paths": [ "/f2d/898/0896-01" ] }, { "cite": "898 F.2d 907", "category": "reporters:federal", "reporter": "F.2d", "case_ids": [ 10537815 ], "year": 1989, "pin_cites": [ { "page": "911-13" } ], "opinion_index": 0, "case_paths": [ "/f2d/898/0907-01" ] }, { "cite": "146 B.R. 612", "category": "reporters:specialty", "reporter": "B.R.", "case_ids": [ 6511616 ], "year": 1992, "pin_cites": [ { "parenthetical": "holding section 501 applies to both purchase money and refinancing mortgages" } ], "opinion_index": 0, "case_paths": [ "/br/146/0612-01" ] }, { "cite": "95 C 2542", "category": "reporters:state", "reporter": "Cow.", "year": 1995, "pin_cites": [ { "parenthetical": "mem. op." } ], "opinion_index": 0 }, { "cite": "121 F.3d 472", "category": "reporters:federal", "reporter": "F.3d", "case_ids": [ 285008, 273511 ], "year": 1997, "pin_cites": [ { "page": "475", "parenthetical": "stating the statutory language that \"state usury restrictions, 'shall not apply to any loan *** secured by a first lien.' \" (emphasis in original), quoting 12 U.S.C. \u00a7 1735f- 7a(a)(1) (1994)" } ], "opinion_index": 0, "case_paths": [ "/f3d/121/0472-01", "/br/211/0472-01" ] }, { "cite": "375 N.W.2d 424", "category": "reporters:state_regional", "reporter": "N.W.2d", "year": 1985, "opinion_index": 0 }, { "cite": "144 Mich. App. 302", "category": "reporters:state", "reporter": "Mich. App.", "case_ids": [ 2263208 ], "year": 1985, "opinion_index": 0, "case_paths": [ "/mich-app/144/0302-01" ] }, { "cite": "1981 Ill. Laws 3436", "category": "laws:leg_session", "reporter": "Ill. Laws", "opinion_index": 0 }, { "cite": "324 Ill. App. 3d 305", "category": "reporters:state", "reporter": "Ill. App. 3d", "case_ids": [ 256344 ], "year": 2001, "pin_cites": [ { "page": "310" } ], "opinion_index": 0, "case_paths": [ "/ill-app-3d/324/0305-01" ] }, { "cite": "215 Ill. 2d 1", "category": "reporters:state", "reporter": "Ill. 2d", "case_ids": [ 4060212 ], "year": 2005, "pin_cites": [ { "page": "26" } ], "opinion_index": 0, "case_paths": [ "/ill-2d/215/0001-01" ] }, { "cite": "380 F.3d 1027", "category": "reporters:federal", "reporter": "F.3d", "case_ids": [ 9214238 ], "weight": 3, "year": 2004, "pin_cites": [ { "page": "1029" }, { "page": "1029" }, { "page": "1029", "parenthetical": "recognizing that only the Illinois Supreme Court could finally resolve the issue of implicit repeal, explaining \"[t]he state must resolve this conflict internally\"" } ], "opinion_index": 0, "case_paths": [ "/f3d/380/1027-01" ] }, { "cite": "156 Ill. 2d 1", "category": "reporters:state", "reporter": "Ill. 2d", "case_ids": [ 777560 ], "weight": 5, "year": 1993, "pin_cites": [ { "page": "9" }, { "page": "9" }, { "page": "8" }, { "page": "7" }, { "page": "7" } ], "opinion_index": 0, "case_paths": [ "/ill-2d/156/0001-01" ] }, { "cite": "207 Ill. 2d 263", "category": "reporters:state", "reporter": "Ill. 2d", "case_ids": [ 974992 ], "year": 2003, "pin_cites": [ { "page": "266" } ], "opinion_index": 0, "case_paths": [ "/ill-2d/207/0263-01" ] }, { "cite": "59 Ill. 2d 439", "category": "reporters:state", "reporter": "Ill. 2d", "case_ids": [ 2958233 ], "weight": 5, "year": 1974, "pin_cites": [ { "page": "444" }, { "page": "444" }, { "page": "444" } ], "opinion_index": 0, "case_paths": [ "/ill-2d/59/0439-01" ] }, { "cite": "146 Ill. App. 3d 898", "category": "reporters:state", "reporter": "Ill. App. 3d", "case_ids": [ 3570879 ], "year": 1986, "pin_cites": [ { "page": "901" } ], "opinion_index": 0, "case_paths": [ "/ill-app-3d/146/0898-01" ] }, { "cite": "29 Ill. 2d 435", "category": "reporters:state", "reporter": "Ill. 2d", "case_ids": [ 2823258 ], "year": 1963, "pin_cites": [ { "page": "438" } ], "opinion_index": 0, "case_paths": [ "/ill-2d/29/0435-01" ] }, { "cite": "859 F.2d 1538", "category": "reporters:federal", "reporter": "F.2d", "case_ids": [ 10538952, 6491698 ], "weight": 8, "year": 1988, "pin_cites": [ { "page": "1539" }, { "page": "1542-43" }, { "page": "1543" }, { "page": "1543" }, { "page": "1543" } ], "opinion_index": 0, "case_paths": [ "/f2d/859/1538-01", "/br/91/1538-01" ] }, { "cite": "348 Ill. App. 3d 856", "category": "reporters:state", "reporter": "Ill. App. 3d", "case_ids": [ 4022333 ], "weight": 10, "pin_cites": [ { "page": "863-64" }, { "page": "864" }, { "page": "865-66" }, { "page": "866-67" }, { "page": "870" }, { "page": "873, 875" }, { "page": "865-66" }, { "page": "867" }, { "page": "867" } ], "opinion_index": 0, "case_paths": [ "/ill-app-3d/348/0856-01" ] }, { "cite": "214 Ill. App. 3d 398", "category": "reporters:state", "reporter": "Ill. App. 3d", "case_ids": [ 5299313 ], "weight": 10, "year": 1991, "pin_cites": [ { "page": "406" }, { "page": "404" }, { "page": "401-02" }, { "page": "401-02" }, { "page": "404" }, { "page": "403" }, { "page": "403" }, { "page": "403" } ], "opinion_index": 0, "case_paths": [ "/ill-app-3d/214/0398-01" ] }, { "cite": "12 U.S.C. \u00a7 3803", "category": "laws:leg_statute", "reporter": "U.S.C.", "year": 2000, "pin_cites": [ { "page": "(c)" } ], "opinion_index": 0 } ], "analysis": { "cardinality": 1444, "char_count": 42326, "ocr_confidence": 0.778, "pagerank": { "raw": 2.3714464898929323e-07, "percentile": 0.7953984962057633 }, "sha256": "a9b14b26868c5fbb096e47697acd61cde67fc82c7593da239bcf70f83517786c", "simhash": "1:aa9ceaf1321ea4d1", "word_count": 6840 }, "last_updated": "2023-07-14T18:30:48.226583+00:00", "provenance": { "date_added": "2019-08-29", "source": "Harvard", "batch": "2018" }, "casebody": { "judges": [], "parties": [ "U.S. BANK NATIONAL ASSOCIATION et al., Appellants, v. MICHAEL CLARK et al., Appellees (The State of Illinois, Intervening Appellee)." ], "opinions": [ { "text": "JUSTICE KILBRIDE\ndelivered the opinion of the court:\nIn 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. \u00a7 1735f \u2014 7a (2000)). In separate foreclosure actions brought by the plaintiff creditors, the defendant homeowners filed counterclaims and affirmative defenses that included allegations the creditors had violated the Illinois Interest Act (815 ILCS 205/0.01 et seq. (West 2002)). The circuit court of Cook County dismissed the homeowners\u2019 counterclaims and affirmative defenses, but the appellate court reversed and remanded the cause for further proceedings. This court allowed the creditors\u2019 joint petition for leave to appeal. We now reverse the judgment of the appellate court.\nI. BACKGROUND\nIn separate actions, the creditors filed for foreclosure against a number of homeowners who were behind in their home mortgage payments. The homeowners each filed counterclaims and affirmative defenses that included an allegation that the creditors had violated the Illinois Interest Act (Act) by imposing fees in excess of 3% on loans with interest rates of greater than 8% (815 ILCS 205/4. la(f) (West 2002)). The circuit court of Cook County dismissed those counterclaims, ruling the Interest Act claims were preempted by the federal Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) (12 U.S.C. \u00a7 1735f \u2014 7a (2000)), and, in some cases, by the federal Alternative Mortgage Transaction Parity Act of 1982 (Parity Act) (12 U.S.C. \u00a7 3803(c) (2000)). The cases were later consolidated, and the homeowners filed an interlocutory appeal.\nThe appellate court reversed and remanded, relying in part on its prior decision in Fidelity Financial Services, Inc. v. Hicks, 214 Ill. App. 3d 398 (1991). 348 Ill. App. 3d 856. In Hicks, the court considered the interaction between the Interest Act and DIDMCA and, specifically, whether section 4.1a of the Act is preempted by section 501 of DIDMCA. The Hicks court concluded the loan at issue did not fall within the scope of DIDMCA because the \u201cloan was not a purchase-money mortgage\u201d and it was not clear whether the trust deed underlying the loan constituted a \u201cfirst lien.\u201d Hicks, 214 Ill. App. 3d at 406. In addition, the Hicks court held that the 3% limit in section 4.1a of the Act was not implicitly repealed when the legislature amended section 4, thus permitting any rate or amount of interest or compensation for loans secured by a real estate mortgage. Hicks, 214 Ill. App. 3d at 404. The appellate court here declined to follow conflicting federal authority in Currie v. Diamond Mortgage Corp. of Illinois, 859 F.2d 1538 (7th Cir. 1988), holding that section 501 of DIDMCA preempted section 4.1a. The appellate court reasoned that it was not bound to follow federal precedent, but it was obliged to give deferential weight to Hicks. 348 Ill. App. 3d at 863-64.\nIn addition, the appellate court chose not to address the creditors\u2019 argument that Hicks was wrongly decided, finding that dispositive changes had occurred since the issuance of that decision. 348 Ill. App. 3d at 864. The appellate court noted that after Hicks was decided in 1991, the legislature enacted Public Act 87 \u2014 496 to amend section 4.1a of the Act. After factually distinguishing the contrary decisions in Village of Park Forest v. Wojciechowski, 29 Ill. 2d 435, 438 (1963), and City of Chicago v. Gordon, 146 Ill. App. 3d 898, 901 (1986), the court deemed Davis v. City of Chicago, 59 Ill. 2d 439 (1974), instructive, although it was not directly on point. 348 Ill. App. 3d at 865-66. The appellate court noted that DIDMCA specifically allowed states to adopt subsequent limitations on discount points and overcome the preemption provision. In light of this \u201copt-out\u201d provision, the court concluded the changes to section 4.1a, while not directly altering the relevant portion of the Interest Act, could be seen as an attempt to resolve the conflict between Currie and Hicks. 348 Ill. App. 3d at 866-67. Thus, the court concluded the \u201creenactment\u201d of section 4.1a satisfied the override provision in section 501(b)(4) of DIDMCA and the homeowners\u2019 Interest Act claims were improperly dismissed as preempted by DIDMCA. 348 Ill. App. 3d at 870.\nFinally, the appellate court rejected the creditors\u2019 argument that provisions in the Parity Act governing \u201calternative mortgage transactions\u201d preempted some of the homeowners\u2019 claims, as well as another issue not before this court. 348 Ill. App. 3d at 873, 875. We granted the creditors leave to appeal (see 177 Ill. 2d R. 315(a)), and the State of Illinois intervened as an appellee (see 735 ILCS 5/2 \u2014 408 (West 2004)). We also allowed several entities supporting either the creditors or the homeowners leave to file amicus curiae briefs. See 155 Ill. 2d R. 345.\nII. ANALYSIS\nA. DIDMCA\nIn 1980, Congress passed DIDMCA \u201cto ease the severity of the mortgage credit crunches *** and to provide financial institutions, particularly those with large mortgage portfolios, with the ability to offer higher interest rates on savings deposits.\u201d S. Rep. No. 96\u2014368, at 18 (1979), reprinted in 1980 U.S.C.C.A.N. 236, 254. As Congress observed,\n\u201c[i]n addition to the adverse effects of usury ceilings on credit availability, mortgage rate ceilings must be removed if savings and loan institutions *** are to begin to pay market rates of interest on savings deposits. Without enhancing the ability of institutions to achieve market rates on both sides of their balance sheets, the stability and continued viability of our nation\u2019s financial system would not he assured. Thus, Federal preemption of State usury ceilings would not only promote national home financing objectives but would provide the resources with which savers could be paid more interest on their savings accounts.\u201d S. Rep. No. 96 \u2014 368, at 19 (1979), reprinted in 1980 U.S.C.C.A.N. 236, 255.\nWith that underlying intent, Congress enacted section 501 of DIDMCA, stating:\n\u201c(a) Applicability to loan, mortgage, credit sale, or advance; applicability to deposit, account, or obligation\n(1) The provisions of the constitution or the laws of any State expressly limiting the rate or amount of interest, discount points, finance charges, or other charges which may be charged, taken, received, or reserved shall not apply to any loan, mortgage, credit sale, or advance which is\u2014\n(A) secured by a first lien on residential real property, ***;\n(B) made after March 31, 1980; and\n(C) described in section 527(b) of the National Housing Act (12 U.S.C. 1735f \u2014 5(b)), *** \u2756 * *\n(b) Applicability to loan, mortgage, credit sale, or advance made in any State after April 1, 1980\n(2) Except as provided in paragraph (3), the provisions of subsection (a)(1) of this section shall not apply to any loan, mortgage, credit sale, or advance made in any State after the date (on or after April 1, 1980, and before April 1, 1983) on which such State adopts a law or certifies that the voters of such State have voted in favor of any provision, constitutional or otherwise, which states explicitly and by its terms that such State does not want the provisions of subsection (a)(1) of this section to apply with respect to loans, mortgages, credit sales, and advances made in such State.\n(4) At any time after March 31, 1980, any State may adopt a provision of law placing limitations on discount points or such other charges on any loan, mortgage, credit sale, or advance described in subsection (a)(1) of this section.\u201d 12 U.S.C. \u00a7 1735f \u2014 7a (2000).\nThus, the relevant portion of DIDMCA preempted every existing state limitation on \u201cthe rate or amount of interest, discount points, finance charges, or other charges\u201d applicable to any loan or mortgage (hereinafter, mortgage) unless a state chose to override the preemption by one of the methods specified in subsections (b)(2) and (b)(4). 12 U.S.C.\u00a7\u00a7 1735f \u2014 7a(b)(2), (b)(4).\nTo \u201copt-out\u201d under subsection (b)(2), by April 1, 1993, a state was required to adopt a law, or to certify a vote favoring a provision, expressly stating its decision to opt-out. 12 U.S.C. \u00a7 1735f \u2014 7a(b)(2) (2000). To opt-out under subsection (b)(4), a state could adopt a law after March 31, 1980, limiting the relevant points or charges on affected mortgages. 12 U.S.C. \u00a7 1735f \u2014 7a(b)(4) (2000).\nB. The Chronology\nThis appeal involves the interrelationship of a number of Illinois legislative and federal congressional provisions as they have changed since 1980. To provide a backdrop for our analysis, we present a brief chronology of the relevant provisions and changes.\n1974. The Illinois legislature enacts limitations on points and fees in section 4.1a of the Interest Act. Preexisting section 4 continues to impose interest rates limits.\n1980. Congress enacts DIDMCA, preempting statutory limits on lender fees, including those in section 4.1a.\n1981. The Illinois legislature amends section 4 of the Interest Act hy removing all limitations on residential mortgage interest rates and lender compensation.\n1992. The Illinois legislature amends section 4.1a of the Interest Act to remove two fee categories from the types of charges governed in that section and in section 6 of the Interest Act.\nThe homeowners each entered into the mortgage transactions underlying this appeal after 1992. At the most basic level, the creditors claim that the homeowners\u2019 Interest Act counterclaims and affirmative defenses were properly dismissed because they were preempted by section 501 of DIDMCA and because Illinois has not opted-out of preemption under either of the two methods specified in DIDMCA. The homeowners maintain that the appellate court properly reversed the dismissal order because the limitations on points and fees in section 4.1a are not preempted by section 501 of DIDMCA.\nC. Implicit Repeal of Section 4.1a of the Interest Act The creditors contend in part that Illinois\u2019 preexisting limitation on points and charges in section 4.1a of the Act was implicitly repealed by legislative amendments to section 4 in 1981 and 1982. We note that this interlocutory appeal is from the appellate court\u2019s reversal of the trial court\u2019s dismissal of the homeowners\u2019 affirmative defenses and counterclaims pursuant to sections 2 \u2014 615 and 2 \u2014 619 of the Code of Civil Procedure (735 ILCS 5/2 \u2014 615, 2 \u2014 619 (West 2000)). The proper standard of review of the dismissal orders in this case is de novo. Feltmeier v. Feltmeier, 207 Ill. 2d 263, 266 (2003). We begin our analysis by examining both the language of section 4.1a and the evolution of the language currently found in section 4.\nIn relevant part, section 4.1a states:\n\u201cWhere there is a charge in addition to the stated rate of interest payable directly or indirectly by the borrower and imposed directly or indirectly by the lender as a consideration for the loan, or for or in connection with the loan of money, *** whether denominated \u2018points,\u2019 \u2018service charge,\u2019 \u2018discount,\u2019 \u2018commission,\u2019 or otherwise, *** the rate of interest shall be calculated in the following manner:\nThe percentage of the principal amount of the loan represented by all of such charges shall first be computed, which in the case of a loan with an interest rate in excess of 8% per annum secured by residential real estate, *** shall not exceed 3% of such principal amount. Said percentage shall then be divided by the number of years and fractions thereof of the period of the loan according to its stated maturity. The percentage thus obtained shall then be added to the percentage of the stated annual rate of interest.\u201d (Emphases added.) 815 ILCS 205/4.1a (West 2004).\nThus, on its face section 4.1a limits the designated charges (cumulatively, points or charges) to 3% for residential mortgage loans with annual interest rates exceeding 8%. 815 ILCS 205/4. la (West 2004).\nUntil 1981, section 4 did not permit lenders \u201cto charge, contract for, and receive any rate or amount of interest or compensation with respect to\u201d mortgage loans. Ill. Rev. Stat. 1979, ch. 74, par. 4 (now 815 ILCS 205/4 (West 2004)). In 1981, the legislature added subparagraph (1) to section 4, making the existing language applicable to \u201cfljoans secured by a mortgage on residential real estate.\u201d (Emphasis in original.) Pub. Act 82 \u2014 660, eff. September 25, 1981 (amending Ill. Rev. Stat. 1979, ch. 74, par. 4). Section 4 was again amended in 1982, removing the word \u201cresidential\u201d from subparagraph (1), thereby legalizing the receipt of any rate or amount of interest or compensation on any real estate mortgage. See Pub. Act 82 \u2014 951, eff. August 19, 1982 (Ill. Rev. Stat. 1981, ch. 17, par. 6404 (moved from Ill. Rev. Stat. 1979, ch. 74, par. 4)). This portion of section 4 has not been changed since the 1982 amendment. See 815 ILCS 205/4(l)(l) (West 2004).\nThe creditors contend that by permitting any rate or amount of interest or compensation to be charged on any real estate mortgage, the legislature\u2019s 1981 and 1982 amendments implicitly repealed section 4. la\u2019s 3% limitation on points chargeable in connection with mortgage loans bearing interest rates above 8%.\nRepeal by implication is generally disfavored, and we will presume legislation was intended to be consistent with existing law. Lily Lake Road Defenders v. County of McHenry, 156 Ill. 2d 1, 9 (1993). Therefore, this court will apply that principle only when a subsequent statute\u2019s terms and operation cannot be reconciled with those of an earlier statute. When the two statutes cannot be harmonized, the subsequent statute will be deemed to have repealed the earlier by implication because we cannot presume the legislature intentionally enacted contradictory laws. Lily Lake, 156 Ill. 2d at 9. Here, relying on the reasoning of the Seventh Circuit Court of Appeals in Currie v. Diamond Mortgage Corp. of Illinois, 859 F.2d 1538 (7th Cir. 1988), the creditors assert the language in section 4.1a and amended section 4 is irreconcilable, and thus section 4.1a was implicitly repealed by the amendments to section 4.\nIn Currie, the plaintiff homeowner claimed in the Bankruptcy Court for the Northern District of Illinois that the defendant creditor violated section 4.1a of the Act by imposing charges of approximately 16% of the principal of the loan on a home mortgage with a yearly interest rate of 15.5%. The bankruptcy court granted the creditor\u2019s motion to dismiss for failure to state a claim, citing both the preemption of section 4.1a by section 501 of DIDMCA and the implicit repeal of section 4.1a by amendments to section 4 enacted in 1981. The district court affirmed solely on the basis of federal preemption. Currie, 859 F.2d at 1539.\nThe court of appeals found that Illinois amended section 4 in 1981 to enhance the availability of money for home financing. The court determined that both this purpose and the plain language of that section, permitting lenders to impose any interest rate and other compensation, were in conflict with section 4. la\u2019s express ceiling on interest and points and could not be reconciled. Currie, 859 F.2d at 1542-43. The court noted that the inclusion of points in the calculation of the effective interest rate under section 4.1a demonstrated that points are a type of compensation and thus could not be restricted under amended section 4. Currie, 859 F.2d at 1543. After discussing the doctrine of repeal by implication and acknowledging that it is strongly disfavored, the court held that section 4.la\u2019s limitation on charges was repealed by implication by the amendment of section 4. Currie, 859 F.2d at 1543. The court believed the legislature\u2019s failure to repeal expressly section 4.1a must have been an oversight. Currie, 859 F.2d at 1543.\nThe Seventh Circuit reaffirmed the Currie court\u2019s finding of repeal by implication in Reiser v. Residential Funding Corp., 380 F.3d 1027, 1029 (7th Cir. 2004). In its analysis, the Reiser court refrained from conducting an in-depth reexamination of Currie, believing \u201cit is best to stick with one assessment until the state\u2019s supreme court, which alone can end the guessing game, does so.\u201d (Emphasis in original.) Reiser, 380 F.3d at 1029. We are now availed of an opportunity to \u201cend the guessing game\u201d on the issue of implicit repeal.\nFor their part, the homeowners dismiss the Currie rationale as faulty, maintaining that the appellate court in Fidelity Financial Services, Inc. v. Hicks, 214 Ill. App. 3d 398 (1991), correctly held that section 4.1a was not implicitly repealed. We note that while Hicks addressed the issue of repeal by implication, it did not consider the effect of DIDMCA on section 4.1a because it involved a second mortgage and thus was outside the scope of the federal statute.\nThe creditor in Hicks relied on the Currie decision. The Hicks court ultimately rejected Currie as federal dicta not binding on the courts of this state. Hicks, 214 Ill. App. 3d at 401-02. Rather, the Hicks court \u201cpresume[d]\u201d that section 4.1a was valid because it remained on the books 12 years after it was purportedly repealed. Hicks, 214 Ill. App. 3d at 401-02. Notably, the court also believed section 4 could be reasonably reconciled with section 4.1a, precluding a finding of implicit repeal under our limited application of that doctrine. Hicks, 214 Ill. App. 3d at 404. To reconcile the two provisions, the court read section 4, entitled \u201c \u2018General Interest Rate\u2019 \u201d as removing restrictions only on lenders\u2019 ability to pass their actual cost of money along to borrowers. The court interpreted section 4.1a, addressing \u201c \u2018charges for or in connection with the loan of money,\u2019 \u201d as applying only to \u201cancillary charges not dictated by the cost of the commodity, but imposed by lenders in connection with loans.\u201d (Emphasis in original.) Hicks, 214 Ill. App. 3d at 403, quoting Ill. Rev. Stat. 1987, ch. 17, par. 6404. Thus, the court reasoned, the two statutes were not irreconcilable because they concerned different types of charges. Hicks, 214 Ill. App. 3d at 403.\nIn construing a statute, the most fundamental rule is to give effect to the legislature\u2019s intent, and the best evidence of that intent is the statutory language. That language must be given its plain and ordinary meaning. Courts may not properly construe a statute by altering its language in a way that constitutes a change in the plain meaning of the words actually adopted by the legislature. If the statutory language is clear, we must give effect to its plain and ordinary meaning without resorting to other construction aids. King v. First Capital Financial Services Corp., 215 Ill. 2d 1, 26 (2005), quoting In re Marriage of Beyer, 324 Ill. App. 3d 305, 310 (2001).\nHere, the language of amended section 4 is clear and unambiguous: \u201cIt is lawful to charge, contract for, and receive any rate or amount of interest or compensation with respect to *** [l]oans secured by a mortgage on real estate.\u201d 815 ILCS 205/4(1)0) (West 2004). By refusing to restrict either the interest or \u201ccompensation\u201d available to lenders \u201cwith respect to\u201d mortgage loans, the legislature evinced its intent to permit a broad category of charges to be imposed in connection with secured real estate loans.\nSimilarly, on its face the plain language of section 4.1a limits to 3% a broad category of noninterest charges that may be imposed by lenders in conjunction with high interest rate mortgage loans. The restrictions apply to all charges imposed \u201cas a consideration for the loan, or for or in connection with the loan of money.\u201d 815 ILCS 205/ 4.1a (West 2004).\nWe can find no functional distinction between the noninterest \u201ccompensation\u201d in section 4 and the noninterest \u201ccharges\u201d in section 4.1a. The plain meaning of \u201ccompensation\u201d includes: \u201cpayment for value received or service rendered: REMUNERATION.\u201d Webster\u2019s Third New International Dictionary 463 (1993). See also Black\u2019s Law Dictionary 301 (8th ed. 2004) (defining \u201ccompensation\u201d as \u201c[r]enumeration and other benefits received in return for services rendered; esp., salary or wages\u201d). The plain meaning of a \u201ccharge\u201d is: \u201cthe price demanded for a thing or service.\u201d Webster\u2019s Third New International Dictionary 377 (1993). See also Black\u2019s Law Dictionary 248 (8th ed. 2004) (defining a \u201ccharge\u201d as the \u201c[pjrice, cost, or expense\u201d). The two terms appear to be the same type of payment viewed from different perspectives. \u201cCompensation\u201d represents the payee/ lender\u2019s perspective, while \u201ccharges\u201d expresses the same money from the perspective of the payor/borrower. Thus, section 4 permits lenders to impose unlimited noninterest costs on all mortgage loans (815 ILCS 205/4(l)(l) (West 2004)), while section 4.1a restricts the same broad category of costs to 3% when the loan\u2019s interest rate exceeds 8% (815 ILCS 205/4.1a (West 2004)). By the terms of their plain language, the two sections are irreconcilably inconsistent.\nThe Hicks court\u2019s interpretation of the two sections requires us to read unsupported limitations into the statutory language and is overruled. The plain words of the provisions do not restrict section 4 \u201ccompensation\u201d to lenders\u2019 actual cost of money or section 4.1a \u201ccharges\u201d to \u201cancillary charges not dictated by the cost of the commodity,\u201d as the Hicks court concluded. See Hicks, 214 Ill. App. 3d at 403. The Hicks decision is also at odds with the legislature\u2019s 1981 intention to amend section 4 to remove the artificial limits on the interest and other compensation lenders may receive for mortgage loans, thereby allowing market forces to prevail. See 82d Til Gen. Assem., House Proceedings, May 6, 1981, at 135-37 (statements of Representative McBroom); 82d Ill. Gen. Assem., Senate Proceedings, June 22, 1981, at 11-12 (statements of Senator Rock); 1981 Ill. Laws 3436, Governor\u2019s Message, at 3436-37.\nThe homeowners, however, argue the Hicks decision is consistent with applying market forces to the mortgage market. They contend Hicks\u2019 interpretation of section 4 does not limit a lender\u2019s overall revenue potential because even though section 4.1a limits noninterest charges to 3% on high interest loans, it does not regulate interest rates themselves, allowing lenders to obtain any desired overall rate of return. This argument is specious because it ignores a vital difference between mandatory charges that are payable at the beginning of a loan and interest that is payable only until the loan is paid off. Under section 4.1a, lenders are only guaranteed up-front charges of a maximum of 3%, and their receipt of an additional unregulated return from interest payments is dependent on conditions outside their control, i.e., the refinancing or early payment of the loan balance. For this reason, there is a significant practical difference between section 4\u2019s bar on any lender interest and compensation restrictions and section 4.la\u2019s ceiling on up-front charges despite its allowance for unlimited interest. The two sections represent vastly differing approaches to regulating lender revenue and are inherently inconsistent. Thus, we agree with the Seventh Circuit Court of Appeals in Currie and Reiser that the 1981 amendments to section 4 implicitly repealed section 4. la\u2019s limitation on noninterest charges lenders may impose on residential mortgage loans.\nNonetheless, the homeowners claim that our legislature recently affirmed the continuing viability of section 4.1a by passing the High Risk Home Loan Act, effective January 1, 2004 (Loan Act) (815 ILCS 137/1 et seq. (West 2004)). This act defines mortgage loans as high risk if their annual percentage rates or loan fees exceed certain triggers. If a loan is deemed high risk, financed fees are capped at 6%. 815 ILCS 137/55 (West 2004). The Loan Act also contains an Interest Act \u201csavings clause\u201d: \u201cTo the extent this Act conflicts with any other Illinois State financial regulation laws, except the Interest Act, this Act is superior and supersedes those laws for the purposes of regulating high risk home loans in Illinois.\u201d (Emphasis added.) 815 ILCS 137/170 (West 2004). We are not persuaded by this argument.\nBoth the Interest and the Loan Act concern other aspects of the home mortgage market, and the savings clause applies broadly to all provisions of the Loan Act, whether they concern fee caps or not. The homeowners cite no evidence that the savings clause was specifically intended to permit the Interest Act\u2019s ceiling on charges for high interest loans to continue in effect. Indeed, if that portion of the Interest Act is implicitly repealed, there is no conflict with any Loan Act provision, and that act will apply to all home loans falling within its scope. In short, the adoption of the Loan Act does not demonstrate the continued viability of the Interest Act provision at issue here as the homeowners\u2019 claim. Thus, we hold the portion of section 4.1a of the Interest Act restricting applicable charges to 3% when the mortgage loan rate exceeded 8% was implicitly repealed by the amendment of section 4 in 1981.\nD. Applicability of DIDMCA Preemption\nThe intervenor State of Illinois argues the creditors did not meet their burden of overcoming the presumption against preemption in this case by establishing that the term \u201cfirst lien\u201d as used in section 501 of the Act includes refinancing mortgages as well as purchase-money mortgages. The State initially contends that when DIDMCA was enacted in 1980, \u201ca \u2018first mortgage\u2019 generally was viewed as one obtained to purchase a home, while a mortgage for which accumulated equity served as security (a so-called \u2018home equity loan\u2019) was called a \u2018second mortgage,\u2019 regardless of priority of position.\u201d (Emphasis in original.) A cursory review of the authority cited for this proposition reveals the error in the State\u2019s argument. In its citation, the State notes parenthetically that the cited article declares: \u201c \u2018[traditional home equity loans are sometimes called second mortgages, although legally they may involve a first lien\u2019 \u201d (Emphasis added.) See G. Canner, C. Luckett & T. Durkin, Home Equity Lending, 75 Fed. Res. Bull. 333, 344 n.2 (May 1989). Thus, the cited article expressly recognizes that refinanced mortgage loans may constitute \u201cfirst liens,\u201d the term used to define loans and mortgages that fall within the scope of section 501 of DIDMCA. See 12 U.S.C. \u00a7 1735f \u2014 7a(l)(A) (2000) (stating \u201c(1) The provisions of the constitution or the laws of any State expressly limiting the rate or amount of interest, discount points, finance charges, or other charges which may be charged, taken, received, or reserved shall not apply to any loan, mortgage, credit sale, or advance which is \u2014 (A) secured by a first lien on residential real property\u201d (emphasis added)).\nNext, the State cites the Michigan Court of Appeals\u2019 decision in Mitchell v. Trustees of United States Mutual Real Estate Investment Trust, 144 Mich. App. 302, 375 N.W.2d 424 (1985), in support of its contention that the inclusion in section 501 of refinanced mortgage loans as \u201cfirst liens\u201d does not further Congress\u2019 intent to promote home purchases. In its brief, the State asserts that \u201cone of Congress\u2019 purposes in enacting DIDMCA\u201d recognized by the Mitchell court was stimulation of the home-buying market. While that is true, Congress also expressed another purpose: \u201cto provide financial institutions, particularly those with large mortgage portfolios, with the ability to offer higher interest rates on savings deposits.\u201d S. Rep. No. 96\u2014368, at 18 (1979), reprinted in 1980 U.S.C.C.A.N. 236, 254. This purpose is consistent with the incorporation of refinancing mortgage loans in the ambit of section 501. We reject the State\u2019s argument to the contrary as unsupported. Under the plain meaning of the term \u201cfirst lien,\u201d both purchase-money and refinancing mortgages meeting the statutory requirements are covered by section 501. See Black\u2019s Law Dictionary 942 (8th ed. 2004) (defining \u201cfirst lien\u201d as \u201c[a] lien that takes priority over all other charges or encumbrances on the same property and that must be satisfied before other charges may share in proceeds from the property\u2019s sale\u201d). The great weight of federal authority also coincides with this view. See Brown v. Investors Mortgage Co., 121 F.3d 472, 475 (9th Cir. 1997) (stating the statutory language that \u201cstate usury restrictions, \u2018shall not apply to any loan *** secured by a first lien.\u2019 \u201d (emphasis in original), quoting 12 U.S.C. \u00a7 1735f\u2014 7a(a)(1) (1994)); Gora v. Banc One Financial Services Inc., No. 95 C 2542 (N.D. Ill. October 17, 1995) (mem. op.) (finding section 501 applies to nonpurchase money loans); In re L.G.H. Enterprises, Inc. 146 B.R. 612 (Bankr. E.D.N.Y. 1992) (holding section 501 applies to both purchase money and refinancing mortgages); Smith v. Fidelity Consumer Discount Co., 898 F.2d 907, 911-13 (3d Cir. 1989), aff\u2019d in part, rev\u2019d in part on other grounds, 898 F.2d 896 (3d Cir. 1989) (concluding that DIDMCA applies to all first mortgages, not just purchase money mortgages); In re Lawson Square, Inc., 61 B.R. 145 (Bankr. W.D. Ark. 1986) (rejecting the argument that section 501 did not apply to nonpurchase money loans). As we have explained, \u201c[i]n construing *** Federal statutes, we must look to the Federal decisions for its interpretation.\u201d Boyer v. Atchinson, Topeka & Santa Fe Ry. Co., 38 Ill. 2d 31, 34 (1967). Therefore, based on our own interpretation of the relevant statutory language as well as by the weight of guiding federal authority, we conclude section 501 covers the nonpurchase money first lien mortgages at issue in this appeal.\nE. Effect of the 1992 Amendment to Section 4.1a\nHaving determined that section 4.1a of the Interest Act has been preempted by section 501 of DIDMCA, we turn to the question of whether Illinois has \u201copted out\u201d of section 501 as permitted in DIDMCA. When DIDMCA was enacted, it contained two distinct \u201copt-out\u201d provisions permitting states to avoid its preemptive effect. In the first provision, Congress stated that section 501 \u201cshall not apply to any loan, mortgage, credit sale, or advance made in any State after the date (on or after April 1, 1980, and before April 1, 1983) on which such State adopts a law or certifies that the voters of such State have voted in favor of any provision, constitutional or otherwise, which states explicitly and by its terms that such State does not want the provisions of\u2019 that section to apply. See 12 U.S.C. \u00a7 1735f \u2014 7a(b)(2) (2000). It is undisputed here that Illinois did not opt-out of DIDMCA preemption pursuant to this provision.\nIn the second method, \u201c[a]t any time after March 31, 1980, any State may adopt a provision of law placing limitations on discount points or such other charges on any loan, mortgage, credit sale, or advance described in\u201d section 501. See 12 U.S.C. \u00a7 1735f \u2014 7a(b)(4) (2000). The appellate court agreed with the argument of the homeowners and the intervenor that our legislature used this method to opt-out of DIDMCA preemption by amending section 4.1a in Public Act 87 \u2014 496 in 1992.\nThe creditors claim that this amendment does not comport with subsection (b)(4)\u2019s requirement that new legislation be adopted placing limits on the interest or points imposed on mortgages for two reasons. First, the creditors argue that since Illinois enacted the section 4.1a limitation in 1974, the 1992 amendment could not be considered new opt-out legislation. Second, they assert that the amendment did not limit points as required in subsection (b)(4) because it amended a portion of section 4.1a that is unrelated to limitations on points and fees limitations.\nConversely, the homeowners maintain that if the relevant portion of section 4.1a was implicitly repealed in 1981, then the amendment of that section in 1992 constituted its \u201creadoption\u201d and demonstrated the legislature\u2019s intent to revive the preempted interest and points limitation.\nThe 1992 amendments added two subparts to section 4.1a. See Pub. Act 87 \u2014 496, eff. January 1, 1992 (amending Ill. Rev. Stat. 1989, ch. 17, par. 6406). Subparts (e) and (f) allow lenders to charge fees for dishonored checks and late payments, respectively. The preexisting portion of section 4.1a stated that the enumerated fees \u201cshall not be deemed to be *** charges by the lender as a consideration for the loan referred to in this Section.\u201d 815 ILCS 205/4.la (West 2004).\nOur Statute on Statutes provides that \u201c[t]he provisions of any statute, so far as they are the same as those of any prior statute, shall be construed as a continuation of such prior provisions, and not as a new enactment.\u201d 5 ILCS 70/2 (West 2004). While this general rule is not limited to cases of implicit repeal, it is relevant to our analysis in that context. Specifically addressing the requirements for reenacting an implicitly repealed statute, this court explained in Lily Lake Road Defenders v. County of McHenry, 156 Ill. 2d 1, 8 (1993), that the legislature \u201cmust expressly reenact a statute which has been repealed by implication to render it valid and enforceable again.\u201d (Emphasis added.)\nHere, the portion of section 4.1a expressly limiting lender charges to 3% on high interest rate loans was not changed by the 1991 amendment. The text of Public Act 87 \u2014 496 clearly designates the amendment as consisting of the addition of subparts (e) and (f), highlighting those provisions while merely reprinting, unchanged, the remaining, preexisting text. See Pub. Act 87 \u2014 496, eff. January 1, 1992 (amending Ill. Rev. Stat. 1989, ch. 17, par. 6406). Nothing in the text or structure of the amendatory act reveals any legislative \u201cexpress\u201d intent to \u201creenact\u201d the ceiling on lender charges in section 4.1a. Indeed, our Statute on Statutes specifically precludes that conclusion. See 5 ILCS 70/2 (West 2004); Lily Lake, 156 Ill. 2d at 7.\nThe homeowners also premise their argument in part on the inference that the legislature knowingly attempted to overcome the implicit repeal of section 4.la\u2019s limitation provision by adopting the 1992 amendment. Indeed, the decision in Currie v. Diamond Mortgage Corp. of Illinois, 859 F.2d 1538 (7th Cir. 1988), holding that the charge limitation had been implicitly repealed, preceded the 1992 amendment, and some regulatory agencies had adopted the Currie holding. The homeowners assert that the legislature enacted the 1992 amendment to resolve the conflict between the decisions in Hicks and Currie by opting out of DIDMCA. Both they and the appellate court seek support for this position from Davis v. City of Chicago, 59 Ill. 2d 439 (1974). See 348 Ill. App. 3d at 865-66.\nIn Davis, the supreme court deviated from the general rule that language remaining unchanged from the prior version of the statute is construed as a continuation of the previous provision, not as a new enactment. The Davis court recognized that it was faced with \u201can unusual situation involving a statute that may have been subject to successful constitutional challenge under the former constitution but has now been reenacted under the 1970 Constitution in which the provisions of the 1870 Constitution giving rise to the challenge do not appear.\u201d Davis, 59 Ill. 2d at 444. The court also noted two appellate court cases had previously \u201craised questions as to the validity of [the relevant] section *** with differing results.\u201d Davis, 59 Ill. 2d at 444. Under those narrow circumstances, the court believed it could be \u201cfairly said that the intent of the legislature, and its principal purpose, in reenacting [the relevant] section *** with only a minor change was to dispel the questions as to its validity.\u201d Davis, 59 Ill. 2d at 444.\nHere, the appellate court asserted that the same reasoning was relevant because \u201cthe reenactment of section 4.1a may fairly be said to show a legislative intent to dispel the questions raised by the tensions between Currie and Hicks.\u201d 348 Ill. App. 3d at 867. We disagree. The type of unique circumstances underlying the Davis decision do not exist here. The legislative history does not support that position because Hicks was decided after the amendatory legislation was introduced in the General Assembly.\nMore importantly, as the appellate court recognized, the relevant portion of section 501 did not change here, while in Davis, the critical language of the state constitution did change. See 348 Ill. App. 3d at 867. Thus, the legislature here had no compelling need to overcome a finding of implicit repeal comparable to the legislature\u2019s need in Davis to account for the revisions in the state constitution. No definitive resolution of the implicit repeal issue existed when the 1992 amendment was enacted because this court had not yet considered that question. As the Seventh Circuit Court of Appeals acknowledged, federal opinions represent mere \u201ceducated guess[es]\u201d as to this court\u2019s ultimate ruling. See Reiser v. Residential Funding Corp., 380 F.3d 1027, 1029 (7th Cir. 2004) (recognizing that only the Illinois Supreme Court could finally resolve the issue of implicit repeal, explaining \u201c[t]he state must resolve this conflict internally\u201d). Thus, the legislature would have no critical impetus to counter a holding that section 4. la\u2019s charge limitation was implicitly repealed when that was not the law of this state at the time of the amendment. Moreover, the legislative history is wholly devoid of any discussion of Currie, Hicks, or any other ruling or opinion considering the issue of implicit repeal. Indeed, there is no reference to section 501, DIDMCA, or the 3% charge ceiling on high interest loans in any of the relevant legislative history. In the absence of any indication in either the language of the statute or its legislative history, we cannot conclude that by its 1992 amendment the legislature \u201cexpressly reenact[ed] a statute which has been repealed by implication,\u201d thus rendering the charge limitation in section 4.1a enforceable and valid again. See Lily Lake, 156 Ill. 2d at 7.\nF. Other Issues\nThe creditors raise the issue of the Act\u2019s \u201csafe harbor\u201d provisions, but due to our holding that section 501 of DIDMCA preempts section 4.1a\u2019s limitation on charges, we need not consider that issue. In addition, the homeowners and intervening State assert that the creditors have forfeited any argument concerning the appellate court\u2019s reversal of the trial court finding that the Alternative Mortgage Transaction Parity Act (Parity Act) preempted section 4.1a of the Interest Act. We agree and need not address the matter further.\nIII. CONCLUSION\nFor the reasons stated, we hold that section 4.la\u2019s limitation on lender charges was implicitly repealed by the legislature\u2019s 1981 amendment of section 4 and that neither of the opt-out provisions in DIDMCA have been applied by our legislature. The legislature\u2019s 1992 amendment to a different portion of section 4 did not constitute an opt-out under subsection (b)(4) of DIDMCA because that amendment alone was insufficient under state law to revive the statutory limitations provision. Therefore, federal preemption by section 501 of DIDMCA has not been overcome. Thus, the appellate court improperly reinstated the homeowners\u2019 Interest Act counterclaims and affirmative defenses. Accordingly, we reverse the judgment of the appellate court on that issue.\nAppellate court judgment reversed.\nThe American Financial Services Association and the Consumer Mortgage Coalition jointly submitted a brief in support of the creditors, as did the Illinois Mortgage Bankers Association and the Illinois Association of Mortgage Brokers.\nThe Woodstock Institute, the National Training and Information Center, the Neighborhood Housing Services of Chicago, the South Austin Coalition, the South Suburban Housing Center, and the Central Illinois Organizing Project jointly submitted a brief in support of the homeowners.", "type": "majority", "author": "JUSTICE KILBRIDE" } ], "attorneys": [ "Samuel H. Levine, of Arnstein & Lehr, L.L.P., of Chicago, for appellants U.S. Bank National Association and Aames Funding Corporation.", "Dianne E. Rist, Joseph E Lombardo and S. Todd Sipe, of Chapman & Cutler, L.L.E, of Chicago, for appellant Bank of New York, as Trustee.", "Jill D. Rein, of Pierce & Associates, EC., of Chicago, for appellant Bankers Trust Company.", "Craig A. Varga and Joshua D. Davidson, of Varga, Berger, Ledsky, Hayes & Casey, and Joseph A. Spiegler, Lester G. Bovia, Jr., and Amy L. Flaherty, of Winston & Strawn, L.L.E, all of Chicago, and Steven F. Molo, of Shearman & Sterling, L.L.E, of New York, New York, for appellant Bankers Trust Company, as Trustee.", "Craig A. Varga and Joshua D. Davidson, of Varga, Berger, Ledsky, Hayes & Casey, of Chicago, for appellant Eastern Savings Bank, FSB.", "James V Noonan and Mitchell A. Lieberman, of Noonan & Lieberman, and Samuel H. Levine, of Arnstein & Lehr, all of Chicago, for appellant EquiCredit Corporation of America.", "Alyssa M. Campbell and Steven J. Roeder, of Williams, Montgomery & John, Ltd., of Chicago, for appellant IMC Mortgage Company.", "Thomas R. Meites, Michael M. Mulder and Jamie S. Franklin, of Meites, Mulder, Burger & Mollica, and Stephen Stern, Sharon K. Legenza, Dory M. Rand, John Bouman, Daniel P. Lindsey and James Brady, all of Chicago, for appellees.", "Lisa Madigan, Attorney General, of Springfield (Gary Feinerman, Solicitor General, and Mary E. Welsh, Assistant Attorney General, of Chicago, of counsel), for intervenor-appellee State of Illinois.", "Jeffrey D. Warren and Danielle J. Szukala, of Burke, Warren, MacKay & Serritella, EC., of Chicago, for amici curiae Illinois Mortgage Bankers Association and Illinois Association of Mortgage Brokers.", "Howard L. Teplinsky, of Ottenheimer, Teplinsky & Rosenbloom, L.L.C., of Buffalo Grove (Thomas M. Hefferon and David L. Permut, of Goodwin Procter, L.L.E, and Joseph M. Kolar, of Buckley Kolar, L.L.P., all of Washington, D.C., of counsel), for amici curiae American Financial Services Association and Consumer Mortgage Coalition.", "Steven Stern, of Chicago, for amici curiae Woodstock Institute et al." ], "corrections": "", "head_matter": "(No. 98379.\nU.S. BANK NATIONAL ASSOCIATION et al., Appellants, v. MICHAEL CLARK et al., Appellees (The State of Illinois, Intervening Appellee).\nOpinion filed September 22, 2005.\nSamuel H. Levine, of Arnstein & Lehr, L.L.P., of Chicago, for appellants U.S. Bank National Association and Aames Funding Corporation.\nDianne E. Rist, Joseph E Lombardo and S. Todd Sipe, of Chapman & Cutler, L.L.E, of Chicago, for appellant Bank of New York, as Trustee.\nJill D. Rein, of Pierce & Associates, EC., of Chicago, for appellant Bankers Trust Company.\nCraig A. Varga and Joshua D. Davidson, of Varga, Berger, Ledsky, Hayes & Casey, and Joseph A. Spiegler, Lester G. Bovia, Jr., and Amy L. Flaherty, of Winston & Strawn, L.L.E, all of Chicago, and Steven F. Molo, of Shearman & Sterling, L.L.E, of New York, New York, for appellant Bankers Trust Company, as Trustee.\nCraig A. Varga and Joshua D. Davidson, of Varga, Berger, Ledsky, Hayes & Casey, of Chicago, for appellant Eastern Savings Bank, FSB.\nJames V Noonan and Mitchell A. Lieberman, of Noonan & Lieberman, and Samuel H. Levine, of Arnstein & Lehr, all of Chicago, for appellant EquiCredit Corporation of America.\nAlyssa M. Campbell and Steven J. Roeder, of Williams, Montgomery & John, Ltd., of Chicago, for appellant IMC Mortgage Company.\nThomas R. Meites, Michael M. Mulder and Jamie S. Franklin, of Meites, Mulder, Burger & Mollica, and Stephen Stern, Sharon K. Legenza, Dory M. Rand, John Bouman, Daniel P. Lindsey and James Brady, all of Chicago, for appellees.\nLisa Madigan, Attorney General, of Springfield (Gary Feinerman, Solicitor General, and Mary E. Welsh, Assistant Attorney General, of Chicago, of counsel), for intervenor-appellee State of Illinois.\nJeffrey D. Warren and Danielle J. Szukala, of Burke, Warren, MacKay & Serritella, EC., of Chicago, for amici curiae Illinois Mortgage Bankers Association and Illinois Association of Mortgage Brokers.\nHoward L. Teplinsky, of Ottenheimer, Teplinsky & Rosenbloom, L.L.C., of Buffalo Grove (Thomas M. Hefferon and David L. Permut, of Goodwin Procter, L.L.E, and Joseph M. Kolar, of Buckley Kolar, L.L.P., all of Washington, D.C., of counsel), for amici curiae American Financial Services Association and Consumer Mortgage Coalition.\nSteven Stern, of Chicago, for amici curiae Woodstock Institute et al." }, "file_name": "0334-01", "first_page_order": 348, "last_page_order": 371 }