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(775 ILCS 5/4-101)
(from Ch. 68, par. 4-101)
The following definitions are applicable strictly
in the context of this Article:
(A) Credit Card. "Credit card" has the meaning set forth in Section 17-0.5 of the Criminal Code of 2012.
(B) Financial Institution. "Financial institution" means any bank, credit
union, insurance company, mortgage banking company or savings and loan
association which operates or has a place of business in this State.
(C) Loan. "Loan" includes, but is not limited to, the providing of funds,
for consideration, which are sought for: (1) the purpose of purchasing,
constructing, improving, repairing, or maintaining a housing accommodation
as that term is defined in paragraph (C) of Section 3-101; or (2) any commercial or
(D) Varying Terms. "Varying the terms of a loan" includes, but is not
limited to, the following practices:
(1) Requiring a greater down payment than is usual
for the particular type of a loan involved.
(2) Requiring a shorter period of amortization than
is usual for the particular type of loan involved.
(3) Charging a higher interest rate than is usual for
the particular type of loan involved.
(4) An under appraisal of real estate or other item
of property offered as security.
(Source: P.A. 96-1551, eff. 7-1-11; 97-1150, eff. 1-25-13.)