TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER I: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 110 CONSUMER INSTALLMENT LOAN ACT
SECTION 110.1 DEFINITIONS


 

Section 110.1  Definitions

 

"Act" means the Consumer Installment Loan Act [205 ILCS 670].

 

"Affiliate", for purposes of Section 1 of the Act, means any person or entity that directly or indirectly controls, is controlled by, or shares control with another person or entity. A person or entity has control over another if the person or entity has an ownership interest of 25% or more in the other.

 

"Controlling person" means a person, entity, or ultimate equitable owner that:

 

owns or controls, directly or indirectly, 10% or more of any class of stock of the license applicant;

 

is not a depository institution, as defined in Section 1007.50 of the Savings Bank Act [205 ILCS 205], that lends, provides, or infuses, directly or indirectly, in any way, funds to or into a license applicant in an amount equal to more than 10% of the license applicant's net worth;

 

controls, directly or indirectly, the election of 25% or more of the members of the board of directors of a license applicant; or

 

the Director finds influences management of the license applicant.

 

"Date of the loan" means the date on which the loan agreement is signed or accepted by the lender.

 

"Department" means the Department of Financial and Professional Regulation.

 

"Director" means the Director of the Department of Financial and Professional Regulation-Division of Financial Institutions with the authority delegated by the Secretary.

 

"Division" means the Department of Financial and Professional Regulation-Division of Financial Institutions.

 

"Generally accepted accounting procedures" or "GAAP" means those adopted by the American Institute of Certified Public Accountants and Federal Accounting Standards Board.

 

"Hypothecate" means to pledge a security instrument without transfer of title.

 

"Insurance Code" means 215 ILCS 5.

 

"Licensee" means a person, partnership, association, limited liability company, corporation or other legal entity licensed under the Act.  Any person or entity who holds himself, herself or itself out as a licensee or who is accused of unlicensed practice is considered a licensee for purposes of enforcement, investigation, hearings and the Illinois Administrative Procedure Act [5 ILCS 100].

 

"Obligor" means the person to whom the proceeds of a loan are delivered or on whose behalf the proceeds of a loan are expended.

 

"Person" means an individual, partnership, association, joint stock association, corporation or any other form of business organization.

 

"Recording fee" is a fee paid to a government agency to record or release a security instrument.

 

"Sales Finance Agency Act" means 205 ILCS 660.

 

"Secretary" means the Secretary of the Department of Financial and Professional Regulation.

 

"Small consumer loan" means a loan upon which interest is charged at an annual percentage rate exceeding 36.00% and with an amount financed of $4,000 or less.  Small Consumer Loan does not include a title secured loan as defined by Section 15(a) of the Act or a payday loan as defined by the Payday Loan Reform Act [815 ILCS 122].

 

"Uniform Commercial Code" means 810 ILCS 5.

 

(Source:  Amended at 45 Ill. Reg. 4449, effective March 24, 2021)