Interest

Section 5300 Section 5300.1145  Interest Whenever an Order and Decision, or a Final Order in a case proceeding under the alternative hearing procedure, includes an award of interest pursuant to Section 8A-104(J) of the Act, the amount of interest shall be calculated according to the method set forth in this Section.  This method shall also be used when a Recommended Order and Decision includes an award of interest and a panel of the Commission declines review. a)         Liability for interest begins on the first day of the calendar month following the civil rights violation.  Interest shall accrue on a monthly basis thereafter.  For example, if the violation occurred on June 15, liability for interest would begin on July 1, and the first month's interest would accrue on August 1. b)         The monthly rate of interest shall be 1/12 of the annual rate of interest for judgments specified in Section 2-1303 of the Code of Civil Procedure [735 ILCS 5/2-1303] for the calendar year in which interest accrues. c)         The monthly rate of interest shall be multiplied by the amount of damages which accrued as of the end of the last day of the month preceding the accrual of interest.  For example, to calculate the amount of interest which accrues on August 1, one must multiply the monthly rate of interest by the amount of damages which accrued as of midnight on July 31. d)         Interest shall compound annually.  For example, if the first month's interest accrued on August 1, 1988, the amount of monthly interest for August 1, 1989 would be calculated by adding the damages and interest which accrued as of July 31, 1989.  This sum would then be multiplied by the applicable monthly rate. e)         Interest shall continue to accrue until the payment specified by the Order and Decision has been made.