Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 210 - PAYDAY LOAN REFORM ACT › Section 210.1 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Payday Loan Reform Act [815 ILCS 122 ].
"Affiliate" means any person or entity that directly or
				indirectly controls, is controlled by, or shares control with another person or
				entity. A person or entity has control over another if the person or entity has
				an ownership interest of 25% or more in the other.
"Allotment" means a portion of military pay that is regularly
				deducted or set-aside.
"Annual percentage rate" or "APR" is the cost of the consumer
				credit expressed as an annual rate which is disclosed to the consumer under
				applicable law.
"Calendar month" means that period from a given date in one
				month to the same numbered date the following month, and if there is no same
				numbered date, to the last day of the following month. When a period of time
				includes a month and a fraction of a month, the fraction of the month is
				considered to follow the whole month.
"Controlling Person" means a person, entity, or ultimate
				equitable owner that:
owns or controls, directly or indirectly, 10% or more of any
				class of stock of the license applicant;
is not a depository institution, as defined in Section 1007.50
				of the Savings Bank Act [205 ILCS 205 ], that lends, provides, or infuses,
				directly or indirectly, in any way, funds to or into a license applicant, in an
				amount equal to or more that 10% of the license applicant's net worth;
controls, directly or indirectly, the election of 25% or more
				of the members of the board of directors of a license applicant; or
the Director finds influences management of the license
				applicant.
"Covered Dependent" with respect to a covered member, means the
				covered member's spouse; the covered member's child (as defined in
				38
				USC 101(4)) ; or an
				individual for whom the covered member provided more than one-half of the
				individual's support for 180 days immediately preceding an extension of
				consumer credit covered.
"Covered Military Member" or "Covered Member" means a member of
				the armed forces who is on active duty under a call or order that does not
				specify a period of 30 days or less or is on active Guard and Reserve
				Duty.
"Department" means the Department of Financial and Professional
				Regulation.
"Director" means the Director of the Division of Financial
				Institutions with the authority delegated by the Secretary.
"Division" means the Department of Financial and Professional
				Regulation Division of Financial Institutions.
"Generally Accepted Accounting Principles" or "GAAP" means
				those adopted by the American Institute of Certified Public Accountants and
				Federal Accounting Standards Board and incorporated by reference in Section
				210.15.
"Gross Monthly Income" means monthly income as demonstrated by
				official documentation of the income, including, but not limited to, a
				consumer's pay stub or receipt reflecting payment of government benefits, for
				the period 30 days prior to the date on which the loan was made.
"Hypothecate" means to pledge a security instrument without
				transfer of title.
"John Warner Act" or "Warner Act" means
				10
				USC 987.
"Lender and Licensee" means a lender and licensee as defined in
				Section 1-10 of the Act.
"Loan Receivables" means the outstanding balances due on the
				loans of the licensee.
"Other Business Authorization" means the authorization in
				writing required by Section 3-5(g) of the Act to conduct another business in a
				location licensed under the Act that would not be contrary to the best interest
				of consumers.
"Missed payment" means any failure to make a payment within ten
				days of the due date.
"Payday Lender License" means a license issued pursuant to the
				Act.
"Person" means an individual, partnership, association, joint
				stock association, corporation, or any other form of business
				organization.
"Predatory Loan Prevention Act Annual Percentage Rate" or "PLPA
				APR" is the cost of the consumer credit expressed as an annual rate and shall
				be calculated in accordance with
				32 CFR
				232.4(c), the Predatory Loan
				Prevention Act [815 ILCS 123 ], and as incorporated in 38 Ill. Adm. Code
				215.
"Secretary" means the Secretary of the Department of Financial
				and Professional Regulation.