A $20,000 promissory note has ballooned into a $1.4 million judgment against the debtor.
A Cook County judge ruled that a 50 percent monthly compounded interest rate in the note is valid, finding that the loan wasn’t subject to caps allowed under state law.
In May 2010, Texas-based doctor Parnel E. Desir gave $20,000 to Kenndol Desronvil of suburban South Holland.
In a 2013 complaint, Desir alleged a breach of contract because Desronvil never repaid the note.
The money was meant to fund Desronvil’s …