Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 215 - PREDATORY LOAN PREVENTION ACT › Section 215.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Predatory Loan Prevention Act [815 ILCS 123
				].
"Billing cycle" means the interval between the days or dates of
				regular periodic statements. Intervals are equal and no longer than a quarter
				of a year and are considered equal if the number of days in the cycle does not
				vary more than four days from the regular day or date of the periodic
				statement.
"Bureau" means the federal Consumer Financial Protection Bureau
				or the Bureau of Consumer Financial Protection.
"
Consumer" means any natural person, including those
				persons acting jointly.
[815 ILCS 123/15-1 -10]
"Closed-end credit" means consumer credit other than open-end
				credit.
"Finance charge" means the cost of consumer credit as a dollar
				amount. It includes any charge payable directly or indirectly by the consumer
				and imposed directly or indirectly by the lender as an incident to or a
				condition of the extension of credit. It does not include any charge of a type
				payable in a comparable cash transaction.
"Lender" means any person or entity, including any
				affiliate or subsidiary of a lender, that
:
offers or makes a loan
;
buys a whole or partial interest in a
				loan
;
arranges a loan for a third party, or acts as an agent
				for a third party in making a loan, regardless of whether approval, acceptance,
				or ratification by the third party
is necessary to create a legal
				obligation for the third party; or
the Department determines that the person or entity is
				engaged in a transaction that is in substance a disguised loan or a subterfuge
				for the purpose of avoiding
the
Act
. [815 ILCS
				123/15-1 -10]
"Loan" means money or credit provided to a consumer in
				exchange for the consumer's agreement to a certain set of terms, including, but
				not limited to, any finance charges, interest, or other conditions.
"Loan"
includes closed-end and open-end credit, retail installment
				sales contracts, motor vehicle retail installment sales contracts, and any
				transaction conducted via any medium
(e.g.,
paper, facsimile,
				Internet, telephone
). "Loan"
does not include a commercial
				loan
. [815 ILCS 123/15-1 -10]
"Open-end credit" means consumer credit extended by a lender
				under a plan in which:
"Person" means any natural person.
"Predatory Loan Prevention Act APR" or "PLPA APR" is the cost
				of the consumer credit expressed as an annual rate, and is calculated in
				accordance with 32 CFR. 232.4(c), as in effect on the effective date of the Act
				and as incorporated in 38 Ill. Adm. Code 215.
The lender reasonably contemplates repeated
				transactions;
The lender may impose a finance charge from time to time on an
				outstanding unpaid balance; and
The amount of credit that may be extended to the consumer
				during the term of the plan (up to any limit set by the lender) is generally
				made available to the extent that any outstanding balance is repaid.
"Regulation Z" means 12 CFR 1026 and has the same meaning
				ascribed in 32 CFR 232, as in effect on March 23, 2021.
Words that are not defined in this part have the same meanings
				ascribed in Regulation Z (12 CFR 1026) , including any interpretation by the
				Bureau or an official or employee of the Bureau duly authorized by the Bureau
				to issue those interpretations.
Words that are not defined in this Part or Regulation Z, or any
				interpretation of Regulation Z, have the same meanings ascribed in applicable
				State or federal law.