Illinois Administrative Code › Title 14 - COMMERCE › Part 145 - REGULATIONS UNDER THE ILLINOIS LOAN BROKERS ACT OF 1995 › Subpart A - DEFINITIONS › Section 145.51 - Definitions of Terms as Used in the Act and the Rules

Current through Register Vol. 48, No. 28, July 12, 2024
a) As used in this Part, unless the context
				otherwise requires, the term:
"Act" means the Illinois Loan Brokers Act of 1995 [815 ILCS
				  175 ] and this Part.
"Advertising" means any advertisement, or other similar
				  materials or writings or any communication by radio, television, facsimile
				  transmission, electronic transmission, pictures or the transmittal or sending
				  of any communication via the non-proprietary, nonprofit, public computer
				  network (commonly known as the "Internet") or similar means.
"Affiliate" of, or a person "affiliated" with, a specified
				  person means a person who, directly or indirectly through one or more
				  intermediaries, controls, or is controlled by, or is under common control with,
				  the person specified.
"Applicant" means the person making application for
				  registration.
"Date of filing" means the date that all of the required
				  documents are received by the Securities Department and all the required fees
				  are paid to the Secretary of State. A document shall not be deemed to be filed
				  if any information required by the Act or this Part is omitted or the document
				  is illegible.
"Director" means any director of a corporation or any person
				  performing similar functions with respect to any organization whether
				  incorporated or unincorporated.
"Employee" does not include a director, trustee or
				  officer.
"Federal Banking Act of 1933" means the Federal Banking Act
				  of 1933 (
				  12 U.S.C.
				  227 ) and the Rules and Regulations
				  thereunder as in effect on January 1, 1996.
"Hearing" means a proceeding conducted by the Securities
				  Department in which the rights, privileges, immunities, duties or obligations
				  of any person or party are required by law to be determined by the Secretary of
				  State only after opportunity for a hearing.
"Interest" as delineated in Section 15-60 of the Act means
				  the rate of interest set forth in 815 ILCS 205.
"Loan Broker" does not mean or include any person described
				  in Section 15-5.15(b) of the Act or any person authorized to do business under
				  the Residential Mortgage License Act of 1987 or exempt from licensure as
				  provided for in the Residential Mortgage License Act of 1987 or any person
				  authorized to do business in Illinois and regulated by the Commissioner of
				  Savings, Real Estate Professionals and Mortgage Finance, also known as the
				  Commissioner of Savings and Residential Finance.
"Material", when used to qualify a requirement for the
				  furnishing of information as to any subject, limits the information required to
				  those matters as to which there is a substantial likelihood that a reasonable
				  person would consider important.
"Officer" means the president; any vice president in charge
				  of a principal business unit, division or function; the secretary; the
				  treasurer; any principal financial officer, comptroller or principal accounting
				  officer; any other officer performing a principal policy-making function; and
				  any other person performing similar functions with respect to any organization
				  whether incorporated or unincorporated.
"Principal" means any officer, director, partner, member,
				  trustee or manager who is responsible for the supervision and management of the
				  daily business operations in this State of a loan broker required to be
				  registered under the Act.
"Rules" refers to all rules adopted by the Secretary of State
				  pursuant to the Act.
"Secretary of State" means the Securities Department of the
				  Office of the Secretary of State or the Secretary of State or the Securities
				  Director or his or her designee, as the case may be.
"Section" refers to a Section of this Part unless a reference
				  to the Act is specifically made.
b) A Section of this Part which defines a
				term without express reference to the Act or to this Part or to a portion
				thereof or hereof defines such term for all purposes as used both in the Act
				and in this Part. Terms defined in the Act and not defined in this Part have
				the meaning given them in the Act.