Illinois Compiled Statutes
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205 ILCS 660/2
(205 ILCS 660/2)
(from Ch. 17, par. 5202)
In this Act, unless the context otherwise requires:
"Sales finance agency" means a person, irrespective of his or her state of
domicile or place of business, engaged in this State, in
whole or in part, in the business of purchasing, or making loans secured
by, retail installment contracts, retail charge agreements or the
outstanding balances under such contracts or agreements entered into in this
"Holder" of a retail installment contract or a retail charge
agreement means the retail seller of the goods or services under the
contract or charge agreement, or if the outstanding balances thereunder are
purchased by or transferred as security to a sales finance agency or other
assignee, the sales finance agency or other assignee.
"Person" means an individual, corporation, partnership, limited liability
company, joint venture, or any other form of business association.
"Department" means the Department of Financial Institutions.
"Director" means the Director of Financial Institutions.
"Motor Vehicle Retail Installment Sales Act" and "Retail
Installment Sales Act" refer to the Acts having those titles enacted by
the 75th General Assembly.
"Retail installment contract" and "retail charge agreement" have the
meanings ascribed to them in the Motor Vehicle Retail Installment Sales Act
and the Retail Installment Sales Act.
"Special purpose vehicle" means an entity that, in connection with a
securitization, private placement, or similar type of investment transaction,
administered by a State or national bank under a management agreement for the
purpose of purchasing, making loans against, or in pools of, receivables,
general intangibles, and other financial assets including retail installment
contracts, retail charge agreements, or the outstanding balances or any
portion of the outstanding balances under those
contracts or agreements.
"Net Worth" means total assets minus total liabilities.
(Source: P.A. 89-400, eff. 8-20-95; 90-437, eff. 1-1-98.)