Illinois General Assembly - Illinois Compiled Statutes

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815 ILCS 655/1

(815 ILCS 655/1) (from Ch. 121 1/2, par. 1801)

Sec. 1.

Definitions.

In this Act:

(1) "Advertisement" means a commercial message in any medium that
directly or indirectly promotes or assists a rental-purchase agreement.

(2) "Cash price" means the price for which the merchant would have sold
the merchandise to the consumer for cash on the date of the rental-purchase agreement.

(3) "Consumer" means an individual who leases personal property under a
rental-purchase agreement.

(4) "Merchandise" means the personal property that is the subject of a
rental-purchase agreement.

(5) "Merchant" means a person who, in the ordinary course of business,
regularly leases, offers to lease or arranges for the leasing of
merchandise under a rental-purchase agreement, and includes a person who is
assigned an interest in a rental-purchase agreement.

(6) "Rental-purchase agreement" means an agreement for the use of
merchandise by a consumer for personal, family or household purposes for
an initial period of 4 months or less that is automatically renewable with
each payment after the initial period and that permits the consumer to
become the owner of the merchandise.

(Source: P.A. 85-957.)