(815 ILCS 405/2.7) (from Ch. 121 1/2, par. 502.7)
Sec. 2.7.
"Retail charge agreement" or "charge agreement" means an
instrument prescribing the terms of a retail installment transaction which
is made pursuant to the instrument, whether secured or unsecured, in which
the buyer's total unpaid balance under the instrument is payable in one or
more installments over a period of time and under the terms of which the
finance charge is to be computed in relation to the buyer's unpaid balance
from time to time.
(Source: P.A. 76-1780.)
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