TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 190 ILLINOIS CREDIT UNION ACT
SECTION 190.500 DEFINITIONS
Section 190.500 Definitions
"Approved credit counselor" means a credit counselor approved by the Secretary.
"Good faith" means honesty in fact in the conduct of the transaction.
"Home equity loan" means any loan secured by the borrower's primary residence, when the proceeds are not used as purchase money for the residence.
"Points and fees" means:
all items required to be disclosed as points and fees under 12 CFR 226.32(2013, with no later editions or amendments);
the premium of any single premium credit life, credit disability, credit unemployment, or any other life or health insurance that is financed directly or indirectly into the loan;
all compensation paid directly or indirectly to a mortgage broker, including a broker that originates a loan in its own name in a table funded transaction, not otherwise included in 12 CFR 226.4 (2013, with no later editions or amendments).
"Subject loan" is the term used to describe any loan to which this Subpart applies, pursuant to Section 190.505.
"Total loan amount" has the same meaning as ascribed in 12 CFR 226.32 (2013, with no later editions or amendments) and shall be calculated in accordance with the Federal Reserve Board's Official Staff Commentary to that regulation.
(Source: Amended at 37 Ill. Reg. 12450, effective July 16, 2013)