Illinois General Assembly - Illinois Compiled Statutes

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

215 ILCS 5/155.52

(215 ILCS 5/155.52) (from Ch. 73, par. 767.52)

Sec. 155.52. Definitions.
For the purpose of this Article:

(a) "Credit life insurance" means insurance on the life of a debtor
pursuant to or in connection with a specific loan or other credit
transaction;

(b) "Credit Accident and health insurance" means insurance on a debtor
to provide indemnity for payments becoming due on a specific loan or other
credit transaction while the debtor is a person with a disability as defined in the policy;

(c) "Creditor" means the lender of money or vendor or lessor of goods,
services, property, rights or privileges, for which payment is arranged
through a credit transaction or any successor to the right, title or
interest of any such lender, vendor or lessor, and an affiliate, associate
or subsidiary of any of them or any director, officer or employee of any of
them or any other person in any way associated with any of them;

(d) "Debtor" means a borrower of money or a purchaser or lessee of
goods, services, property, rights or privileges for which payment is
arranged through a credit transaction;

(e) "Indebtedness" means the total amount payable by a debtor to a
creditor in connection with a loan or other credit transaction;

(f) "Director" means the Director of Insurance of the State of Illinois.

(Source: P.A. 99-143, eff. 7-27-15.)