TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.300 DEFINITIONS


 

Section 110.300  Definitions

 

            "Interest bearing loan" shall mean a loan in which interest is charged upon the principal amount borrowed.

 

            "Refinance" shall mean to renew or extend a loan beyond its original term.

 

"Motor vehicle" shall mean a motor vehicle as defined in the Illinois Vehicle Code [625 ILCS 5/1-146].

 

            "Title-secured lender" shall mean any lender engaged in making any tile-secured loans.

           

            "Title-secured loan" shall mean a loan upon which interest is charged at an annual percentage rate exceeding 36 percent in which, at commencement, an obligor provides to the licensee, as security for the loan, physical possession of the obligor's title to a motor vehicle.

 

(Source:  Amended at 33 Ill. Reg. 4142, effective April 1, 2009)