Illinois Administrative Code › Title 38 - FINANCIAL INSTITUTIONS › Part 110 - CONSUMER INSTALLMENT LOAN ACT › Subpart A - GENERAL PROVISIONS › Section 110.1 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
"Act" means the Consumer Installment Loan Act [205 ILCS
				  670 ].
"Affiliate", for purposes of Section 1 of the Act, 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.
"Annual percentage rate" or "APR" is the cost of the consumer
				  credit expressed as an annual rate and shall be calculated in accordance with
				  Section 16 of the Act.
"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 more than 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.
"Date of the loan" means the date on which the loan agreement
				  is signed or accepted by the licensee.
"Department" means the Department of Financial and
				  Professional Regulation.
"Director" means the Director or Acting Director of the
				  Department of Financial and Professional Regulation-Division of Financial
				  Institutions with the authority delegated by the Secretary or the Director's
				  designee.
"Division" means the Department of Financial and Professional
				  Regulation-Division of Financial Institutions.
"Generally accepted accounting procedures" or "GAAP" means
				  those adopted by the American Institute of Certified Public Accountants and
				  Federal Accounting Standards Board.
"Hypothecate" means to pledge a security instrument without
				  transfer of title.
"Illinois Insurance Code" means
				  215 ILCS
				  5.
"Licensee" means a person, partnership, association, limited
				  liability company, corporation or other legal entity licensed under the Act.
				  Any person or entity who holds himself, herself, or itself out as a licensee or
				  who is accused of unlicensed practice is considered a licensee for purposes of
				  enforcement, investigation, hearings, and the Illinois Administrative Procedure
				  Act [5 ILCS
				  100 ].
"Loan" means a loan governed by the Act. "Loan" does not
				  include a retail installment contract, a motor vehicle retail installment
				  contract, a retail charge agreement, or a revolving line of credit.
"Missed payment" means any failure to make a payment within
				  90 days of the due date.
"Obligor" means a consumer who is contractually obligated to
				  make all principal repayments and interest payments on an outstanding
				  loan.
"Predatory Loan Prevention Act" means the act codified at
				  815 ILCS
				  123.
"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, and as incorporated in 38 Ill. Adm. Code 215.
"Person" means an individual, partnership, association, joint
				  stock association, corporation, or any other form of business
				  organization.
"Recording fee" is a fee paid to a government agency to
				  record or release a security instrument.
"Sales Finance Agency Act" means
				  205 ILCS
				  660.
"Secretary" means the Secretary or Acting Secretary of
				  Financial and Professional Regulation or the Secretary's designee.
"Uniform Commercial Code" means
				  810 ILCS
				  5.